Key Takeaways:
- Ether’s price is attempting an upside break from the $1,530 support.
- ETH/USD is testing a crucial bearish trend line with resistance near $1,620 on the daily chart.
- The price could start a fresh increase if it closes above $1,620 and $1,665.
NEW DELHI (CoinChapter.com) — Ethereum (ETH) price still holds the $1,530 support. The bulls must push the price above $1,620 and then $1,665 to start a fresh rally in October 2023.
Ethereum Price (ETH) Faces Uphill Task in October 2023
In the past few days, Ethereum price remained stable above the $1,530 support zone, like Bitcoin. The price started a short-term recovery wave from the $1,532 low.
There was a move above the $1,600 resistance zone. The price even spiked above the 50% Fib retracement level of the key decline from the $1,748 swing high to the $1,532 low. However, the bears defended a close above the $1,650 resistance zone.
Ethereum faced rejection near the $1,665 level and the 61.8% Fib retracement level of the key decline from the $1,748 swing high to the $1,532 low.
There was a minor decline below the $1,620 support, but the bulls are still protecting a drop below $1,530. The price is now rising toward the $1,620 resistance. It tests a crucial bearish trend line with resistance near $1,620 on the daily chart.
The first major resistance is now forming near the $1,640 level. The next major resistance is near $1,665 and the 50-day simple moving average. A daily close above the $1,665 level and the 50-day simple moving average could start a fresh increase in October 2023.
The next resistance might be $1,750 in October 2023, above which the price could rise toward $1,880. Any more gains could open the doors for a move toward $2,000.
Conversely, Ethereum might fail to clear the $1,620 and $1,665 resistance levels. In the stated case, the ETH price might decline below the $1,580 level in October 2023. Initial support is near the $1,550 level. The main breakdown support is near the $1,530 level.
A daily close below the $1,530 level might lead to a strong decline. In the stated case, Ethereum may perhaps drop toward the $1,440 support in October 2023. Any more losses could open the doors for a move toward the $1,380 support zone.
Overall, Ether’s price attempts an upside break above the $1,620 resistance in October 2023. To start a fresh rally, the bulls must push ETH price above $1,620 and $1,665. Conversely, the price might decline heavily below $1,530.
