. Daily Crypto Analysis - Ethereum's Resilience Amid Resistance, Investors Stand Firm

Daily Crypto Analysis – Ethereum’s Resilience Amid Resistance, Investors Stand Firm

Daily Crypto Analysis – Ethereum’s Resilience Amid Resistance, Investors Stand Firm

18 Oct 2023

Introduction:

Ethereum Battle with Resistance: While Ethereum has faced prolonged resistance over the past two months, “whale” investors remain confident, with the cryptocurrency trading at $1,577. Despite this struggle, optimism remains high among investors, especially the larger ones. In other corners of the crypto market, Bitcoin surges after breaching key resistance levels, and XRP anticipates a boost from a notable alliance promoting widespread adoption.

ETHEREUM:

Ethereum struggles with resistance level as ‘whales’ hold steadfast.

The second-largest cryptocurrency by market capitalization, Ethereum, has been struggling for more than two months with resistance levels, but big investors, or “whales,” are showing steadfast confidence. Ethereum trading price is currently at $1,577 as of Wednesday, having only recovered from the support line at $1,533.

For the past two months, the price of Ethereum has been struggling to make significant progress. This hasn’t, however, had any negative effects on investors, who are now more optimistic than ever, particularly large investors.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 1569.61 | Positive Crossover | Bullish
  • MA 20: 1566.88| Positive Crossover | Bullish
  • MA 50: 1582.89| Negative Crossover | Bearish

Simple:

  • MA 5: 1570.42 | Positive Crossover | Bullish
  • MA 20: 1556.52| Positive Crossover | Bullish
  • MA 50: 1594.56 | Negative Crossover | Bearish

RSI (Relative Strength Index): 52.16| Buy Zone |Bullish

Stochastic Oscillator: 60.61 | Buy Zone | Negative

Resistance And Support Levels:

  • R1: 1586.55| R2: 1686.46
  • S1: 1523.64 | S2: 1427.43

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 1616.15 | Take Profit: 1686.46 | Stop Loss: 1571.75.

Elsewhere In the Crypto Market

After surpassing both the previous resistance line of the ascending channel and the 200-day moving average, Bitcoin saw a spike in demand and was close to $29K again on Wednesday morning. The price of XRP may rise soon because of a recent alliance between two well-known businesses that used the remittance token to push for widespread adoption.

Bitcoin down (0.09%) at 28383.00, Ethereum up (1.14%) at 1,583.3, Litecoin down (0.05%) at 62.05, Solana down (0.75%) at 23.89, Doge coin down at (0.25%) at 0.58 as of writing time.

Key Economic Events & Data Release Today:

(CNY) GDP (YoY) (Q3) Actual 4.9%, Forecast 4.4%, Previous 6.3% at 07:30.

(EUR) ECB President Lagarde Speaks at 14:30.