ETHUSD: Is Ethereum Reaching $1,700 Soon? 27th October 2022
This week, we will stick to the 4-hour time frame to analyze the price action in detail!
Bitcoin has finally broken out of the stringent resistance at $20,000. The price of ETH had been ranging between $1,400 and $1,280. This zone was broken with a push that came when Bitcoin broke its resistance. This resulted in Ethereum trading over 5% higher on Wednesday and making way for higher targets for the coming weeks!
If the breakout is sustained, traders can expect the price to test the supply zone at $1,700 soon. Conservative traders can wait for the price to retest the support at $1,420 before taking any long positions.
It is important for the price to sustain over $1,420 as a fall back into the zone can be viewed as a bearish false breakout.
At the time of writing, the RSI can be seen in the overbought zone which is pointing towards a small pullback to the breakout zone.
Traders can expect the rally to continue as long as Bitcoin is trading above the support at $20,000. For now, they can set a target at $1,700 with a strict stop-loss below $1,400.
The important price levels for this week are $1,420 and $1,700!
For more expert analyses, check out our trading analysis section! (link in bio)
Bitcoin has finally broken out of the stringent resistance at $20,000. The price of ETH had been ranging between $1,400 and $1,280. This zone was broken with a push that came when Bitcoin broke its resistance. This resulted in Ethereum trading over 5% higher on Wednesday and making way for higher targets for the coming weeks!
If the breakout is sustained, traders can expect the price to test the supply zone at $1,700 soon. Conservative traders can wait for the price to retest the support at $1,420 before taking any long positions.
It is important for the price to sustain over $1,420 as a fall back into the zone can be viewed as a bearish false breakout.
At the time of writing, the RSI can be seen in the overbought zone which is pointing towards a small pullback to the breakout zone.
Traders can expect the rally to continue as long as Bitcoin is trading above the support at $20,000. For now, they can set a target at $1,700 with a strict stop-loss below $1,400.
The important price levels for this week are $1,420 and $1,700!
For more expert analyses, check out our trading analysis section! (link in bio)
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