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Ethereum's next price action after skyrocketing 14% in 24 hours


finbold.com 10 November 2022 17:22, UTC
Reading time: ~2 m

The cryptocurrency market is still reeling from the FTX exchange crisis fallout, with most assets attempting to contain the widespread losses. Amid the chaos, Ethereum (ETH) is standing out with significant gains as investors look out for the next price movement.

In this line, Bloomberg Intelligence commodity strategist Mike McGlone has stated that the $1,000 level can be a crucial support position for the asset noting that Ethereum is representing the financial-markets revolution in the crypto sector, he said in a tweet on November 10.

“Ethereum $1,000 May Be Key Crypto Support Indicator – Representing more of the financial-markets revolution that’s happening in cryptos akin to the advent of futures and exchange-traded funds, Ethereum support around $1,000 may be the key pivot,” McGlone said.

Amid the market volatility, McGlone stated that Ethereum’s recent shift to the Proof-of-Stake (PoS) status following the Merge upgrade had offered some ‘buoyance’ for the decentralized finance (DeFi) token.

McGlone also compared Ethereum’s growth trajectory to Bitcoin (BTC), noting that the two assets have exhibited divergent strengths.

Ethereum gains by double digits

The strategist’s take comes as Ethereum made gains of over 14% in the last 24 hours. By press time, the second-ranked cryptocurrency by market capitalization was trading at $1,300, buoyed by the new U.S. Consumer Price Index (CPI) report revealed better results for October than previously expected.

Before the latest drop, Ethereum attempted to stabilize above the $1,500 level, with the community maintaining a bullish outlook for the asset. As reported by Finbold, the CoinMarketCap crypto community projected that Ethereum would be trading at a median price of $1,537 on November 30, 2022.

Ethereum technical analysis

From a technical analysis perspective, Ethereum remains highly negative. A summary of the technicals aligns with selling at 15 while moving averages are for a ‘strong sell’ at 13. For oscillators, they are positioned with a neutral at six for the one-day gauges.

In the meantime, Ethereum’s recent gains have partly contributed to the increasing buying pressure in the crypto market after a massive sell-out following the FTX saga.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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