Hello everyone, as we all know the market action discounts everything :)
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The September dip is now being bought by investors. Ether surged over 9% on Friday, the first day of October.
The ETH market has been having a good couple of days after the trend turned Bearish back in the 6th of September where the price dropped from 3981.54 to 3004.99 in 1 day, That's almost a 25% decrease in value in a 24h period...
In the last 5 days, we did notice a good increase in the price with a good amount of volume in the market. the price jumped from the 2789.23 range back to the 34411.59 today.
The Bulls are trying to reverse the Bearish trend in hopes to hit the 4000 range again.
Different Scenarios for the market :
Scenario 1 :
The market is trending near the first resistance level located at 3484.94 with a strong upper momentum movement that could push the price to the 3657.85 level where we will see a battle over control between the Bears and the Bulls, And the Bulls will try to breakout that level which would show how much power they have and people will buy in even more gaining more strengths that could lead the ETH price back to the 4000 zone.
Scenario 2 :
The bears are still holding some power over the trend and they might push back and drive the price back to the support level at 3274.92 or even the 2929.14 level.
That's where the Bulls will gather most of their forces and bring the price back up to the range of 3420.70.
Technical indicators show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign)
2) The ADX is at 32.37 showing that the market is trending with a positive crossover between DI+(23.48) and DI-(23.31)
3) The RSI is at 56.28 showing good strength in the market, with no divergence found between the market and the indicator
Daily Support & Resistance points :
support Resistance
1) 3274.92 1) 3484.94
2) 3161.59 2) 3581.63
3) 3064.90 3) 3694.96
Weekly Support & Resistance points :
support Resistance
1) 2929.14 1) 3657.85
2) 2470.01 2) 3927.43
3) 2200.43 3) 4386.56
Fundamental point of view :
Ethereum is certainly making strides towards the Ethereum 2.0 completion. Just a few days ago, the project announced the arrival of its Ethereum Altair upgrade. To specify, the upgrade will be taking place sometime this month.
The purpose of Ethereum 2.0’s launch is to fully deploy a Proof-of-Stake consensus onto its platform. This model should eliminate the platform’s long-striving issues of high gas fees, congestion, and limited scalability.
"It seems like Ethereum is losing Steam. As a result, companies are looking into platforms like Cardano, which is used to build dApps, and Solana, which has seen a nearly 4,800% growth since September 2020." According to FXempire
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
The September dip is now being bought by investors. Ether surged over 9% on Friday, the first day of October.
The ETH market has been having a good couple of days after the trend turned Bearish back in the 6th of September where the price dropped from 3981.54 to 3004.99 in 1 day, That's almost a 25% decrease in value in a 24h period...
In the last 5 days, we did notice a good increase in the price with a good amount of volume in the market. the price jumped from the 2789.23 range back to the 34411.59 today.
The Bulls are trying to reverse the Bearish trend in hopes to hit the 4000 range again.
Different Scenarios for the market :
Scenario 1 :
The market is trending near the first resistance level located at 3484.94 with a strong upper momentum movement that could push the price to the 3657.85 level where we will see a battle over control between the Bears and the Bulls, And the Bulls will try to breakout that level which would show how much power they have and people will buy in even more gaining more strengths that could lead the ETH price back to the 4000 zone.
Scenario 2 :
The bears are still holding some power over the trend and they might push back and drive the price back to the support level at 3274.92 or even the 2929.14 level.
That's where the Bulls will gather most of their forces and bring the price back up to the range of 3420.70.
Technical indicators show :
1) The market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign)
2) The ADX is at 32.37 showing that the market is trending with a positive crossover between DI+(23.48) and DI-(23.31)
3) The RSI is at 56.28 showing good strength in the market, with no divergence found between the market and the indicator
Daily Support & Resistance points :
support Resistance
1) 3274.92 1) 3484.94
2) 3161.59 2) 3581.63
3) 3064.90 3) 3694.96
Weekly Support & Resistance points :
support Resistance
1) 2929.14 1) 3657.85
2) 2470.01 2) 3927.43
3) 2200.43 3) 4386.56
Fundamental point of view :
Ethereum is certainly making strides towards the Ethereum 2.0 completion. Just a few days ago, the project announced the arrival of its Ethereum Altair upgrade. To specify, the upgrade will be taking place sometime this month.
The purpose of Ethereum 2.0’s launch is to fully deploy a Proof-of-Stake consensus onto its platform. This model should eliminate the platform’s long-striving issues of high gas fees, congestion, and limited scalability.
"It seems like Ethereum is losing Steam. As a result, companies are looking into platforms like Cardano, which is used to build dApps, and Solana, which has seen a nearly 4,800% growth since September 2020." According to FXempire
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.