With yesterday’s upward movement, Ethereum almost recouped its losses and may be preparing for another push through the resistance levels. The second most valuable cryptocurrency is currently experiencing some relief as the market sentiment has improved.
The crypto market may retest lower levels in the meantime due to the upcoming low-volume weekend before gaining traction for a new surge. Ethereum might then reach $1,400, the top of its channel. In a tweet on October 14, analyst rekt capital rekt capital מעכאַבער אין רעקט קאַפּיטאַל נעווסלעטטער Rect Capital מחברטריידערמאַרק אַנאַליסט אנהענגערס: 0 View פּראָפיל asserts that turning $1,450 into support will only solidify an upward trend for Ethereum.
Following the September CPI announcement, Ethereum experienced a 10% recovery, rising from a low of $1,209 to a high of $1,339. The general crypto market recovered as a result of the uptick in the stock markets and the price of Bitcoin. The price of ETH increased as well; it is currently trading at $1,300.
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Source: https://coinpedia.org/ethereum/ethereum-traders-can-expect-eth-price-rally-only-if-this-happens/