empty
 
 
08.11.2022 07:05 PM
Ethereum sell-off seems over

Ethereum rallied in the last hours and now it was trading at 1,561 at the time of writing. ETH/USD increased by 10.93% from today's low of 1,424 to 1,579 today's high. The altcoin rebounded and recovered as the price of Bitcoin edged higher.

In the last 24 hours, ETH/USD is down by 1.41% and by 0.93% in the last 7 days. Technically, the crypto crashed, but the buyers remain strong despite temporary retreats.

ETH/USD Bullish Momentum!

This image is no longer relevant

After passing above the warning line (wl1) of the descending pitchfork, ETH/USD was expected to grow. Still, its failure to take out the 1,662 signaled exhausted buyers in the short term.

The rate dropped but it has failed to reach the 1,407 static support signaling the end of the sell-off. As long as the token stays above this level and above the lower median line (LML) of the ascending pitchfork, it could develop a new leg higher.

ETH/USD Outlook!

In the short term, ETH/USD could move sideways between 1,662 and 1,407 levels. A new higher high, a valid breakout above 1,662 activates further growth and brings new longs.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Ralph Shedler
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback