Ethereum price forecast: ETH/USD pair corrects around $1,760
Ethereum price forecast: ETH/USD pair corrects around $1,760
Ethereum prices have risen about 17% from the lows of the second half of 2023. A sharp spurt on October 23rd and 24th saw the token break out to new October highs.
Ethereum is showing strong gains above resistance at $1,750. News about the possible imminent launch of a Bitcoin-based ETF gave a boost to mainstream cryptocurrency and the entire crypto market. ETH confidently charged towards the $1,850 resistance level, where bearish activity was evident.
The ETH/USD pair is making a high near $1,849 and is now experiencing a correction after yesterday's rapid rise. ETH was trading below the 23.6% Fibonacci retracement level of the upward move between $1,659 and $1,849.
Ethereum is currently trading at $1,767.13.
The asset is now above the $1,750 level and the 100-hour simple moving average. A major bullish trend line is forming on the hourly chart with support at $1,755.
The ETH/USD may encounter resistance near the $1,805 level, while a more serious obstacle awaits near the $1,850 level. The next possible resistance zone is near $1,880. If this level is breached, the ETH price may continue to rise significantly to the key resistance level of $1,950. Next, Ethereum will test the psychological barrier of $2,000.
On the other hand, if the ETH/USD pair fails to breach the $1,805 level, a gradual downward movement will begin. The first support level is $1,780, followed by $1,750 and the trendline area.
A drop below the $1,750 support line will result in a drop to the $1,720 level. And further losses will target the $1,700 level and the 100-hour simple moving average.
Unexpectedly, a large sale of 4685 stETH for $8.54 million was reported on October 24. The seller turned out to be 1inch Investment Fund, which made a net profit of $1.28 million. Interestingly, this decision by the fund was made on the wave of cryptocurrency market growth, when Ethereum is recovering and targeting the $2,000 level. What considerations led the fund, and whether it knows any new information, is still unknown.
Read also: The removal of IBTC from the DTCC list led to the decline of BTC.
