- Ethereum (ETH) price rebounded, rising by 6% over five consecutive days after finding support at $1,521.
- Ethereum’s price range is defined by $1,608 resistance and $1,521 support.
The second largest cryptocurrency, Ethereum (ETH), has recently experienced a resurgence in the crypto market, showcasing significant price movements. On October 13th, Ethereum’s price rebounded from a key support level at $1,521, initiating a five-day winning streak and yielding a substantial 6% gain. As of the latest data, ETH is currently trading at $1,590, and market sentiment suggests that the cryptocurrency is gearing up for a more extensive recovery in the days to come.
Notably, on October 16, Ethereum initiated another upward movement from the $1,550 level. Similar to Bitcoin, ETH gained momentum and surpassed the critical resistance level of $1,600.
Ethereum (ETH) Daily Chart Analysis
The altcoin formed a bull cycle within the framework of a cup and handle pattern. This pattern, when observed in the daily time frame chart, hints that Ethereum may be poised for further upside potential.
ETH progress remains confined within a range marked by two horizontal levels at $1,608 as resistance and $1,521 as support. Until the price manages to breach these boundaries decisively, it is likely to sustain a sideways trading pattern.
Currently, ETH is trading slightly above $1,590 and is closely tracked by the Exponential Moving Average (EMA). There is a pivotal bullish trend line that is emerging, offering support around $1,570 on the hourly chart of ETH/USD.
Also, as the buying pressure continues to solidify around the $1,531 support, there’s potential for a new bullish cycle to kick in within the range pattern. Further, a break above the $1,608 resistance would open doors to higher price levels, with $1,650 and $1,975 being potential targets for the bulls.
However, in a scenario where Ethereum struggles to surpass the $1,608 resistance level, it may pave the way for a downward movement. In this case, the initial support was located near the $1,575 level. The next significant support level is at $1,550. This threshold could propel the price into a deeper bearish phase, possibly targeting the $1,520 level.
At the time of writing, Ethereum’s price is at $1,590, reflecting a 2% gain over the past 24 hours. Additionally, the daily trading volume has surged significantly, registering an impressive increase of more than 103% and reaching $8.2 billion.
