ETH bulls are due for a short-term rally based on this price pattern

October 12, 2023

By Michael Nderitu

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• ETH at crossroads after retesting key support range.

• Bulls struggle to secure dominance as the market remains fearful.

ETH might be ripe for a mid-October bounce now that it has been in a bearish pattern since the start of the month. This is not just an assumption but a convergence of multiple observations suggesting that the odds may favor the bulls.

The Ethereum network’s native cryptocurrency recently came close to its five-month low ($1631). This affinity for downside has been encountering sell pressure near the aforementioned bottom range, followed by noteworthy consolidation and short-lived rallies. At least two were curtailed after previously crossing the $1745 price level, thus short-term resistance.

X-based analyst Ali highlighted the aforementioned range which suggested that ETH might be about to pivot in favor of the bulls. The price recently retested its previous short-term support and consolidation was evident. This could be an opportunity for short-term traders to capitalize. However, Ali suggested that a deeper price drop could invalidate the support and lead to even lower prices.

There was a real possibility for more downside especially if sell pressure is triggered by external factors. For example, the recent geopolitical tensions in the Middle East could destabilize things further. Thus, leading to an environment that does not favor investment.

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