ETHUSD analysis for 16.10.2023

The 4-hour chart for ETHUSD suggests a possible shift in momentum. The RSI at 50.36, marginally above its RSI-Based MA of 45.40, depicts a market that’s neither overbought nor oversold, indicating potential stability. Notably, the MACD line at -3.3 moving above the Signal line at -6.4, combined with a positive histogram value of 3.1, implies an increasing bullish momentum. Although these MACD values are in the negative range, the crossover is a positive sign. The current price of 1559.3, while neutral on its own, further cements the importance of monitoring for continued bullish signals or potential resistance points. Overall, while bullish undertones are emerging, vigilance is essential for a clear directional move confirmation.

• There is a resistance level at 1666.1; followed by resistance at 1640.5 and 1578.5.

• There is a support level at 1538.0. Below, there are 1530.5 and 1520.0.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

October 16, 2023

ETHUSD analysis for 16.10.2023

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