Ethereum (ETH) Price Analysis October 22: Well Supported Above $4,000, New Uptrend Coming?

According to the October 22 Ethereum analysis; Ethereum surged above the $4,200 resistance and has outperformed its Bitcoin in the last 24 hours. Although ETH started a downside correction, it was well supported above the $4,000 pivot zone. According to technical analysis by NewsBTC’s Aayush Jindal, if Ethereum reclaims $4,240, it could gain bullish momentum:

  • Ethereum started a fresh increase above the $4,000 and $4,200 resistance levels.
  • The price is now trading above $4,100 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $4,050 on the hourly chart of ETH/USD (data from Kraken).
  • If the pair stays above the $4,010 support zone, it could start a fresh increase.

Ethereum Eyes on a New Rising

Ethereum gained momentum above the $4,200 level before starting a downside correction and as high as $4,371. However, it is currently trading below the $4,200 level. It even dropped below $4,100 but the bulls were active above the $4,000 level. A bottom was formed near $4,012 and the price is currently rising. There was a break above the $4,050 and $4,100 resistance levels. The price settled above the 23.6% Fib retracement level of the decline from the $4,371 high to $4,012 low. Immediate resistance on the upside is located near the $4,200 level.

$4,240 Level Important for Upside

The 50% Fib retracement level of the decline from the $4,371 high to $4,012 low is also near the $4,200 zone. The next major resistance is near the $4,240 level, where the price could gain bullish momentum. In the stated case, the price could rise to the $4,300 level. Any further gains could push the price towards the next key hurdle at $4,500.

Will Ethereum Drop?

Jindal says if Ethereum fails to rise above the $4,200 and $4,240 resistance levels, it could start a fresh downside correction. Initial support on the downside is near the $4,080 level. Initial key support is now forming near the $4,050 level and the trendline zone. A downside break below the trendline could even push the price below the $4,000 support. The next key support is near $3,950, below which the price could decline towards the $3,800 level in the near term.

What Are Technical Indicators Saying?

  • Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is now above the 50 level.
  • Major Support Level – $4,000
  • Main Resistance Level – $4,240

Note: You have come to the end of the October 22 Ethereum price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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