Ethereum Forecast: October 2021
ETH / USD is expected to start trading in October below the values it started September with and, most importantly, is flirting with crucial support levels.
October is expected to start with ETH / USD trades near the 3,000.00 ratio, but that doesn’t tell the whole story. 1st September ETH / USD experienced a day of bullish activity and climbed towards the 3800.00 junction and, on the 3rdrd through the 7e of the month, flirted with 4000.00. Since reaching these highs, ETH / USD has collapsed and correlated with the vast cryptocurrency market. Especially the 31st As of August, ETH / USD was trading near the 3360.00 level and was in the midst of a strong uptrend following the lows seen on July 20 at around 1700.00.
It looks like ETH / USD will start October trading below the significant August values, proving the widespread ability of cryptocurrencies to regenerate bullish momentum after suffering a devastating sell-off in late spring. and early summer. The highs of early September got the market excited and ETH / USD moved closer to all-time highs reached on the 12the of May nearly worth 4360.00.
However, the current price of ETH / USD is likely to spark negative sentiment as it crosses near significant support seen in the first week of August. In fact, the last week of trading saw a handful of tests close to the 2750.00 ratio, but higher reversals have been produced so far when that mark has been challenged.
As ETH / USD continues to flirt negatively with 3,000.00, speculators are certainly watching technical considerations. If the current Ethereum price continues to consolidate and stays below the 3000.00 level, this can be seen as a bearish signal. Having produced a low of near 2650.00 in fast trading conditions on the 21stst September, traders may think another rapid downturn is possible if behavioral sentiment remains fragile.
As ETH / USD is currently trading near important support ratios, there is also evidence that trading volumes are declining. The absence of significant reversals above the shallower depths currently being tested, in addition to seemingly weak buyouts at the entry of ETH / USD, may be further evidence that further bearish momentum can be shown. Traders who have continued bearish positions in ETH / USD may also see the inability to seriously challenge resistance levels above as an indicator of selling.
ETH / USD Outlook for October
The speculative price range for ETH / USD is 1942.00 to 370.00.
The downtrend in ETH / USD has shown that the past few weeks have calmed down many influencers who embraced the notion of new all-time highs sooner rather than later. After hitting a solid high in early September near the 4,000.00 mark, ETH / USD has lost almost 25% of its value. Traders should take this into account when considering continuing to speculate on ETH / USD.
Selling ETH / USD on slight upside reversals that do not enter significant resistance can be a way to trigger orders and continue on new bearish momentum. If ETH / USD starts testing the 2900.00 mark, another test of the 2800.00 to 2600.00 ratios could develop quickly. If the 2700.00 level turns out to be vulnerable and stocks hold below this ratio, additional selling pressure could develop rapidly within ETH / USD.
Traders who anticipate a reversal higher than the current lows certainly have some historical data to back up this type of buy bet. However, ETH / USD has seen a serious downtrend and until the resistance levels are quickly swept aside, traders who are long on Ethereum are encouraged to cash in the winning positions before they disappear into the markets. tunes. If ETH / USD is able to climb and break through the 3300.00 level, then challenge the 3500.00, it would be a strong buy sign if values could be held above these marks for a while. good duration.