Ethereum price has been rejected from the psychological $1,300 on October 20, 2022.  The rejection comes after a bullish attempt to hurdle the 21-day Simple Moving Average (SMA), which was abruptly denied. The move south prompted the bulls to lose grounds of the 8-day EMA as well.

Ethereum price auctions at $1,283. At the time of writing, it seems the Volume Profile indicator is slightly in favor of the bears on intra-hour time frames. The Relative Strength Index shows the last rebound occurred from a minor breach into oversold territory. The RSI’s moving averages are dually rejecting the indicator. Combining the indicators’ narratives could suggest the decentralized smart contract token is in the beginning stages of a developing impulse wave to the downside.

The bearish invalidation level is a breach above the October high at $1,383. If the bulls can accomplish this bullish event, a continuation rally into September high at $1,718 stands a fair chance of occurring. The ETH price would subsequently rise 36% from the current market value.

Ethereum’s price has remained largely unchanged over the past thirty days. Redistribution trends and accumulation by whales is typically considered a bullish signal for an asset. Another key indicator, the network’s performance in fee-generation has hit a one month high. These factors are likely to drive the asset’s price higher.

Analysts evaluated the Ethereum price trend and predicted that the asset is in the accumulation phase close to the $1,300 level. Ethereum is in the “buy zone” while recovering from its downtrend and BitQueen, a pseudonymous crypto analyst believes this is the ideal time to scoop up ETH tokens.

EMA200 will become a point of dovish reversal

Oct 21 2022