Ethereum Leads Crypto Rebound, ETH Price Heads For $1,500
25 Outubro 2022 - 4:14PM
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The crypto market is finally showing relief after days in
consolidation mode; Ethereum is leading the market with significant
profit on lower timeframes. The second crypto by market
capitalization is reclaiming its position as a market leader. The
last time ETH’s price displayed this price action was in September
before “The Merge.” Related Reading: This Bitcoin On-chain
Retest Can Change Market’s Course, Here’s How At the time of
writing, Ethereum trades at $1,460 with a 10% profit in the last 24
hours and seven days, respectively. In the crypto top 10 by market
cap, other cryptocurrencies are following ETH and trading in the
green for the first time in weeks. What Is Driving Ethereum
Higher? The crypto market rebound is driven by a decline in the
U.S. Dollar, as measured by the DXY Index. The currency was at a
two-decade high due to current macroeconomic conditions, but at
114, it was finally rejected. Over the past weeks, the DXY was
trending higher, pushing other assets into support, including macro
assets considered safe havens, such as gold. In particular, the
currencies of U.S. allies, Japan, the United Kingdom, and the
European Union, suffered during this dollar rally. The United
States was facing pressure from its allies to alleviate the stress
on their economies. Three weeks ago, the United Nations (UN) called
on the U.S. Federal Reserve (Fed) to shift its monetary policy and
halt interest rate hikes. Since then, some Fed
representatives hinted at a potentially less aggressive monetary
policy, which might have triggered weakness in the DXY Index. The
chart above shows that the currency broke its bullish trendline and
might be gearing up to re-test support around 109. This
decline might allow Ethereum to extend its bullish momentum and
reclaim the area north of $1,500. Data from research firm
Santiment, the bullish momentum spilled to other asset classes. Via
Twitter, the firm wrote: Ethereum has surged to $1,415 on a
breakout Tuesday for #crypto. The Dollar value has dropped fairly
notably today, and its growth coming to an end (or at least a
pause) would be a key component to the next breakout of
cryptocurrency market caps. Flippening In The Making The upside
move is turning market sentiment more optimistic. Some experts
expect the bullish momentum to extend, with Bitcoin and Ethereum
facing significant resistance levels at $20,500 and $1,500,
respectively. Economist Michaël van de Poppe made a bullish
prediction for Ethereum. The experts advise traders not to chase
the current move at lower timeframes. If bulls have
conviction, the price action is poised to re-test previous levels
before reclaiming lost territory north of $1,500. Late longs might
suffer in this process. Related Reading: Is This Product
Likely to Bring Cardano Back to $1? Charles Hoskinson Speaks Out
For the long haul, van de Poppe predicted: Ethereum cracked a
ton of levels with this massive move. Great flip of $1,320 inducing
continuation towards $1,500. Ethereum will flip Bitcoin this cycle,
but now it’s not the time to chase. Looking for some healthy
corrections to play the next move to $1,600.
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