ETH Price Analysis: Retest Rally Skyrockets ETH, Eyes $2000!

Published by

Sohrab Khawas

October 16, 2023

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.

Will ETH Price Cross The $2000?

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.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.