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ETH Falls Below $1530: What’s Next for Ethereum Investors?

Ian Pittman by Ian Pittman
2 years ago
ETH Falls Below $1530: What's Next for Ethereum Investors?
  • Ethereum recently hit a seven-month low, trading at $1,528 amid bearish pressure.
  • Standard Chartered predicts Ethereum could reach $8,000 by 2026, a 400% surge.
  • Ethereum’s 50-day EMA is above the current price, indicating a downward trend.

Ethereum , which ranks second in terms of cryptocurrency market cap, recently hit a seven-month low, trading at $1,528. Over the last quarter, ETH has experienced significant bearish pressure, resulting in a consistent decline in its value. Although bullish investors made a fleeting effort to drive the price beyond the $1,750 resistance mark in early October, the upward momentum was not sustained.

ETH is valued at $1,543, indicating a 2% decrease in the last 24 hours. Concurrently, there has been a slight 5% rise in trading volume, hitting the $5 billion mark.

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The recent downturn in ETH’s performance can be linked to several elements. The persistent turmoil in the Middle East, marked by an unexpected offensive by Hamas on towns in southern Israel, has influenced the general mood in the cryptocurrency market. Additionally, the uncertainty has been exacerbated by the FOMC meeting in September, which took place on October 11.

In social media engagement, Santiment, a cryptocurrency data compilation platform, has noted a surge in Ethereum-related conversations across multiple platforms, including X, Discord, Telegram, Reddit, and 4chan, since the end of September. Concurrently, there has been a noticeable increase in age consumed, suggesting that Ethereum, which was previously inactive, has started to circulate again. This amplified social prominence is probably a result of the declining price performance.

Standard Chartered, a UK-based global banking institution, has recently projected a positive future for Ethereum. The bank’s forecast suggests that this particular altcoin could hit a value of $8,000 by 2026. This would signify a significant 400% surge from its present worth.

Geoff Kendrick, our company’s head of FX and Digital Assets Research, has expressed his views on the future of ETH and BTC prices. He believes that although the increase in ETH prices might be slower compared to Bitcoin , it anticipates that ETH will ultimately achieve a higher price multiple than BTC from their present levels, with a projection of 5.0x for ETH versus 3.5x for BTC.

Is a Bearish Shift on the Horizon?

An in-depth examination of Ethereum’s recent price fluctuations suggests a downward trend. The 50-day exponential moving average (EMA) has climbed above the present trading price, stabilizing at $1,643. Furthermore, the daily relative strength index (RSI) is at 35, indicating that Ethereum is nearing an oversold condition.

ETH Price Chart, Source: TradingView
ETH Price Chart, Source: TradingView

The $1,585 support level has already been surpassed, indicating that the next possible level to be tested is $1,435. If the price drops, it could reach the $1,140 support zone. Conversely, if the bulls push the price beyond the resistance level of $1,645, there’s a chance for a rally up to $1,735.

Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.

Tags: AltcoinETHEthereum
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Ian Pittman

Ian Pittman

A professional reporter, an inquisitive and innovative individual who poses inquiries that others may shy away from. He is keenly interested in the metaverse, technological advancements, and NFTs.

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Ethereum (ETH)
6.38%
$ 2,777.41
$ 177.20
⇣ 2,597.47
9 Jul
⇡ 2,765.99
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