Weekly Ethereum (ETH) Technical Analysis (Oct 14th ~ 20th, 2024)

Disclaimer: The following content is provided for informational purposes only and does not constitute financial advice. The strategies and techniques discussed here are based on general knowledge and are intended to enhance understanding of various market concepts. Readers should conduct their own research and consider seeking advice from a certified financial advisor before making any investment decisions. The information provided does not account for individual circumstances, financial objectives, or risk tolerance.

1. Market Overview

• Current Price: $2,523 (as of Oct 14th, 12 PM UTC +8)
• Trend: V-shape, Recovering from mid-week dips
• Market Sentiment: Neutral to Bullish recovery

Over the past week (October 7–13, 2024), Ethereum (ETH) has displayed significant volatility. After starting the week around $2,510, ETH fell sharply to a low of $2,360 on October 9, and then recovered back to the current level of $2,454. The price action demonstrates strong selling pressure, followed by a notable recovery, reflecting buyer interest near the low.

Key support appears to be around $2,360, where the price found a bottom. Resistance lies around $2,480–$2,510, a level that ETH struggled to break above. The next significant support zone would be around $2,400, if the price retraces further.

2. Key Technical Indicators

Name	Value	Signal
Relative Strength Index (14)	44.50	Neutral
Stochastic %K (14, 3, 3)	25.20	Neutral
MACD Level (12, 26)	−156.4	Sell
Exponential Moving Average (10)	2,582.90	Sell
Exponential Moving Average (20)	2,739.60	Sell
Exponential Moving Average (30)	2,784.80	Sell
Exponential Moving Average (50)	2,719.20	Sell
Simple Moving Average (50)	2,859.30	Sell
Simple Moving Average (100)	2,269.90	Buy
Simple Moving Average (200)	2,347.00	Buy
Ichimoku Base Line (9, 26, 52, 26)	3,043.10	Neutral
Volume Weighted Moving Average (20)	2,873.30	Sell
Overall		Weak Sell

3. Support and Resistance Levels

P = Pivot point

S1 2 3 4 = Support level 1, 2, 3, 4

R1 2 3 4 = Resistant level 1, 2, 3, 4

Open: $2,439.94

High: $2,520.41

Low: $2,329.78

Close: $2,467.68

Pivot	S4	S3	S2	S1	P	R1	R2	R3	R4
Classic		1,976.91	2,167.54	2,358.17	2,439.29	2,548.80	2,629.92	2,820.55
Fibonacci		2,248.66	2,321.48	2,366.47	2,439.29	2,512.11	2,557.10	2,629.92
DeMark		2,208.10	2,268.94	2,398.73	2,459.57	2,589.36	2,650.20	2,779.99
Camarilla	2,362.83	2,415.26	2,432.73	2,450.21		2,485.15	2,502.63	2,520.10	2,572.53

4. Volume Analysis

Volume over the past week shows a marked increase around the October 9 low, indicating strong selling pressure at the bottom, followed by buyers stepping in to push prices higher. The increasing volume towards the end of the week hints at renewed interest from buyers, especially as the price approached $2,470–$2,480.

Low volume during price consolidations suggests indecision in the market, but spikes in volume on large price movements (like October 9 and 12) indicate that market participants are actively trading during these moves. Current volume levels suggest that momentum could shift in favor of bulls, as the market was able to defend the support near $2,360.

5. Sentiment Analysis

Sentiment for Ethereum this week appears mixed but slightly leaning towards bullish recovery. After the sharp drop, the recovery in price shows that buyers are defending key levels, suggesting some optimism in the market. However, the failure to sustain moves above $2,480 and the volatility may signal caution among market participants. Traders are likely waiting for a more decisive break above resistance levels before turning fully bullish.

On the broader market sentiment, ETH could be influenced by external factors such as Bitcoin’s performance and macroeconomic developments, which remain important to monitor for any spillover effects.

6. Trading Strategy for the Week

For Bullish Traders:

• Entry: Look for a breakout above $2,480 to confirm bullish momentum. A successful close above this level with rising volume could signal further upside potential towards $2,510 and beyond.
• Target: $2,510 and $2,550 in the short term.
• Stop-Loss: Set a stop below $2,430 or $2,400 to protect against downside risk if price reverses.

For Bearish Traders:

• Entry: A rejection near $2,480 could provide a short opportunity, especially if accompanied by low volume and bearish price action (such as lower highs).
• Target: First target near $2,400, followed by $2,360 if selling pressure intensifies.
• Stop-Loss: Place stops above $2,480 to protect against a breakout that could negate the short setup.

Consolidation/Range Traders:

• ETH appears to be in a $2,360–$2,480 range, so range traders can attempt to buy near the lower support area ($2,360–$2,400) and sell near the upper resistance ($2,480).

7. Conclusion

This week’s focus should be on ETH’s ability to break and sustain a move above $2,480, or whether it consolidates in a tighter range between $2,400–$2,480. Pay attention to volume spikes, which may provide clues about a potential trend reversal or continuation.