Ethereum, the undisputed ruler of the altcoin market, is now stuck in a bear market as the token struggles to break the $1,300 resistance level. However, the current market price is $1,302.87, only 0.22 percent more than the key psychological buy point.<\/p>\n
Despite how good this sounds, the way the market is moving right now, the bear market is likely to continue this month, which is not good\u00a0news for ETH.<\/p>\n
The possibilities of a bear market recovery for ETH are slim due to the terrible state of the macroeconomy<\/a>, according to The Guardian.<\/p>\n In this year\u2019s much-hyped \u201cUptober,\u201d\u00a0the token is probably going to experience even more misery than usual. However, what do the graphs show?<\/p>\n Trading In A Tight Band<\/p>\n At the time of writing, the altcoin\u00a0was expected to trade in a narrow band. Before that, however, the price of ETH has fluctuated over the past 25 days between $1,188\u00a0and $1,411.\u00a0Since this coincides with when the Federal Reserve hiked interest rates, it demonstrates especially tumultuous market conditions at the time.<\/p>\n As previously indicated, Ether is presently following a pennant formation. This pattern is a bearish sign that matches the preceding price action. The price has decreased to $1,300.35, where we anticipate a significant price movement on or near the price level.<\/p>\n\n Chart: TradingView<\/a><\/p>\n With the current sideways market action, technical analysis is also quite neutral. The momentum indicator demonstrates a sharp decline following the market meltdown on September 13, which was followed by a rebound and leveling from September 21 to the present.<\/p>\n Chaikin\u2019s money flow index, which currently stands at 0.05, is positive, indicating that bulls rule the market. Stochastic RSI values also confirm this strengthening bullish momentum.<\/p>\n As the RSI is close to oversold zone, it strengthens the bullish momentum seen in other technical indicators, giving investors a good buying opportunity.<\/p>\n Ethereum: Price Reversal Likely?<\/p>\n Despite the price narrowing to a point, ETH may be repeating the previous July-August rally in which it created three bottoms before rising. As of this writing, the altcoin has already established these three bottoms and may be on the ascent.<\/p>\n Despite this, bulls should continue to be cautious due to the difficult market conditions. If today\u2019s market closes in the green above $1,300, we may witness a rally that tests or breaches the $1,345 level of resistance.<\/p>\n\n ETHUSD pair trading at $1320 on the weekend chart | Featured image from TradeMap, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum, the undisputed ruler of the altcoin market, is now stuck in a bear market as the token struggles to break the $1,300 resistance level. However, the current market price is $1,302.87, only 0.22 percent more than the key psychological buy point.<\/p>\n Despite how good this sounds, the way the market is moving right now, the bear market is likely to continue this month, which is not good\u00a0news for ETH.<\/p>\n The possibilities of a bear market recovery for ETH are slim due to the terrible state of the macroeconomy<\/a>, according to The Guardian.<\/p>\n In this year\u2019s much-hyped \u201cUptober,\u201d\u00a0the token is probably going to experience even more misery than usual. However, what do the graphs show?<\/p>\n Trading In A Tight Band<\/p>\n At the time of writing, the altcoin\u00a0was expected to trade in a narrow band. Before that, however, the price of ETH has fluctuated over the past 25 days between $1,188\u00a0and $1,411.\u00a0Since this coincides with when the Federal Reserve hiked interest rates, it demonstrates especially tumultuous market conditions at the time.<\/p>\n As previously indicated, Ether is presently following a pennant formation. This pattern is a bearish sign that matches the preceding price action. The price has decreased to $1,300.35, where we anticipate a significant price movement on or near the price level.<\/p>\n