After a turbulent week following the CPI, Ethereum has had a significant climb since Sunday. Additionally, the economic calendar indicates that this week will see tranquil markets. Which is feasible given the lack of significant catalytic events. Ethereum is expected to make an effort to recover during this period. Investors are, in fact, concentrating on the quarterly results of huge internet companies like Netflix.
Ethereum (ETH) may keep increasing in value.
On Monday, the value of the second-largest crypto by market cap increased by roughly 1%. Due to an extremely light economic schedule, this rise may continue. A few quarterly announcements from significant US companies might also pave the way for a successful week. The quarterly results of Netflix, one of the FAANG stocks, will be the most eagerly awaited of these releases. The only thing that could possibly stop Ethereum from continuing its recovery is this incident.
In fact, it appears as though the cost of the reliable second will surpass its previous week’s high of $1342. The psychological level of $1400 is where the next hurdle is located once this level has been overcome. For the rally to continue, bulls must break above this crucial level.
The price of Ethereum will increase if buyers enter a daily candle above this bar. However, it will only be allowed if the subsequent candle stays above this level. The weekly goal is thus located at the monthly pivot at $1446.31 and the 50-day moving average. If Ethereum crosses this level, we won’t confirm the bull run towards $1698 until after the price has completed bouncing there.
Risks of down rebound.
Even though Ethereum (ETH) had a positive start to the week, negative risks still exist. President Xi Jinping’s remarks at the party conference this week in China may not be beneficial for the cryptocurrency sector. Following Xi’s announcement to reunite China, a conflict does indeed appear to be developing. A decline in the price of ETH should be anticipated if military activity in Taiwan is detected. We may even anticipate a price reduction to $900. It would be challenging for the bulls to raise the price of Ethereum in such a scenario (ETH).