The recent reversal in the ETH price from the 200-day EMA led to a sharp correction phase, marking a bear attack. Moreover, the correction phase raised doubts about the falling channel breakout.
Due to such events, the ETH price fell by 11% fall from the 200-day EMA to retest the broken trendline. However, with the successful retest phase, the ETH price predictions are turning optimistic for the coming months.
Marking a big hiccup in the ‘Uptober’ season for Ethereum, this correction phase reached the $1,500 mark. However, with a post-retest reversal and the overall market recovery this weekend, the ETH price regained the bullish momentum. This leads to a successful retest phase.
With a post-retest reversal, the Ethereum prices are up by 2.74% in the last 4 days, approaching $1,600. The Ethereum price is currently trading at $1,581.8, with an intraday growth of 1.53%, leading to a bullish engulfing candle.
Considering the uptrend sustains momentum, the ETH market price is expected to test the 50-day EMA at $1,634. Furthermore, the improving market-wide sentiments and the post-retest reversal rally in Ethereum price hint at a high momentum prolonged uptrend.
Technical indicators:
RSI indicator: The daily RSI line displays a sharp reversal along with the price recovery to cross above the 14-day SMA. The daily RSI line approaches the halfway line and reflects an improvement in the underlying bullish sentiment.
EMA: The 50-day and 200-day EMAs remain declining after the death cross observed in early September.
If the Bitcoin spot ETF gets a green signal, the market-wide sentiment is expected to improve exponentially. Moreover, it will lead to a price jump in Bitcoin and other altcoins. In such a case, the ETH price will ride the high-speed sentiment-fueled bull run to test the $2000 mark.
On the flip side, a reversal from the 50-day EMA might delay the uptrend with a retest of the $1600 mark.
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