Ethereum price 20% October rally inspires increased investor confidence, ETH supply on exchanges decreases

Ethereum price is up almost 20% from the October 12 low of $1,523, drawing investors back to the scene. Santiment data shows dwindling ETH supply on exchanges, suggesting an intention to hold. Increased buying pressure could send the altcoin 5% north, clearing the immediate barrier as the $1,900 psychological level looms. A daily candlestick close below $1,748 would invalidate the bullish thesis.

1-day chart Ethereum FAQs What is Ethereum? Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.

market capitalization On the other hand, a subsequent rejection from the $1,856 could see Ethereum price drop, possibly going as low as to lose critical support offered by the $1,748 level. A decisive daily candlestick close below this level would invalidate the bullish thesis. In the dire case, such a move could plunge Ethereum price back into the grasp of the consolidation phase extending below the $1,700 psychological level to $1,591.

Source: Digital Coin News (digitalcoinnews.net)

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