In the current state of the cryptocurrency market, Ethereum (ETH) presents a precarious stance, displaying tendencies of dormancy unless it breaks the significant $1990 threshold. As conveyed in a recent tweet by Josh Olszewicz, an analyst, reaching this pivotal price point could potentially activate a 40%+ move for ETH, setting an active and bullish pace for the market. Until then, ETH might remain relatively dormant, with a potential max pain scenario involving more sideways movement lasting until Q1 2024
$ETH
— Josh Olszewicz (@CarpeNoctom) October 27, 2023
>$1990 and it's game on
>$1990 and a 40%+ move looks very likely
until then, ETH likely to remain dormant
max pain would be more sideways chop until Q1 2024 pic.twitter.com/vwHHJWdxTL
This recent downturn has resulted in a 2.1% decrease in the total market value, which now stands at $1.29 trillion. Altcoins, including Solana, Chainlink, and Bitcoin Cash, have suffered substantial losses.
However, a meticulous examination of Ethereum’s technical indicators unfolds a nuanced and promising potential. The 1-hour RSI is at 48.15, with Bollinger Bands indicating a state of moderate volatility. The Exponential Moving Averages (EMAs) on the 1-hour, 4-hour, and 1-day charts are showing a slight upward trend, suggesting a potential for short and medium-term growth.
Additionally, the 4-hour and 1-day RSI readings, standing at 56.74 and 72.03 respectively, highlight a stronger bullish sentiment prevailing over the long term. This is further supported by the 1-day Bollinger Bands, with the upper limit at 1634.4 and the lower limit at 1447.1, indicating a substantial range of positive momentum in the market.
Ethereum is presently trading at $1,708.08, showcasing a 1.72% dip within the last 24 hours. The digital asset’s market capitalization has reached $205.43 billion, supported by a robust 24-hour trading volume of $10.50 billion. With a circulating supply of 120.27 million ETH, Ethereum continues to hold a strong position in the digital currency market.
Although the short-term outlook of Ethereum shows signs of moderate volatility and a slight bearish trend, the long-term indicators hold promises of potential price ascension. Yet, the market remains poised for action, awaiting ETH’s movement towards or beyond the crucial $1990 mark, which could decisively shape the market’s trajectory in the months to come.
