In a recent revelation, Santiment, a renowned on-chain analytics platform, has disclosed a substantial surge in Ethereum discussions across various platforms, including X, Discord, Telegram, Reddit, and 4chan. This surge has been notably prominent since late September. Additionally, the platform noted a surge in Age Consumed, indicating a noteworthy movement of previously dormant ETH within just one month.
The surge in discussion comes in the wake of Ethereum facing a bearish trend, struggling to breach the $1,580 resistance zone. Unlike Bitcoin, ETH failed to hold above the crucial $1,550 support, resulting in a continued descent.
As the market unfolded, Ethereum marked a fresh weekly low at $1,521, signaling a gradual decline after its dip below $1,600. Notably, two bearish trend lines are taking shape on the hourly chart, offering resistance at approximately $1,555 and $1,570.
As of writing, Ethereum is trading at $1,547 and the 100-hourly Simple Moving Average. A minor upswing above the 23.6% Fibonacci retracement level from the recent downturn was observed, from the $1,595 peak to the $1,521 trough.
On the upside, the $1,555 level and the first trend line pose potential hurdles for price advancement. The primary resistance looms near the second trend line, at $1,565, along with the 100-hourly Simple Moving Average. This level aligns closely with the recent descent’s 61.8% Fibonacci retracement level.
Source: Tradingview.com
A decisive breach of the $1,570 resistance could propel the price toward the pivotal barrier at $1,600. In such a scenario, Ether may ascend, eyeing recovery towards the $1,665 resistance. Further gains could usher in the possibility of breaching the $1,750 threshold.
It is crucial to note that if Ethereum fails to surpass the resistance level of $1,565, it may continue to experience a downward trend. The initial support level on the downside is located near the $1,520 mark, followed by a critical support level at $1,500. If Ethereum falls below this level, it could experience further decline and even target the $1,440 mark. In an extremely bearish scenario, Ether might test the $1,420 level.
