{"id":350184,"date":"2023-10-12T09:00:33","date_gmt":"2023-10-12T03:30:33","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=350184"},"modified":"2023-10-12T06:04:43","modified_gmt":"2023-10-12T00:34:43","slug":"eth-bulls-are-due-for-a-short-term-rally-based-on-this-price-pattern","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/eth-bulls-are-due-for-a-short-term-rally-based-on-this-price-pattern\/","title":{"rendered":"ETH bulls are due for a short-term rally based on this price pattern"},"content":{"rendered":"<ul>\n<li><em>ETH at crossroads after retesting key support range.<\/em><\/li>\n<li><em>Bulls struggle to secure dominance as the market remains fearful.<\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/as-ethereums-market-direction-remains-unclear-what-now\/\">ETH<\/a> 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.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\">Ethereum Profit Calculator<\/a><\/p>\n<hr \/>\n<p>The <a href=\"http:\/\/ambcrypto.com\/ethereum-blue-chip-nfts-take-a-hit-as-volumes-drop-in-september\/\">Ethereum<\/a> network\u2019s 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 $1745 price level, thus short-term resistance.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> is moving within a steady range. Interestingly, the TD Sequential presented a buy signal at the lower end of this range, suggesting <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> could rebound to $1,630.<\/p>\n<p>But be cautious &#8211; if <a href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&amp;ref_src=twsrc%5Etfw\">#ETH<\/a> closes below $1,530, the bullish outlook will be invalidated. <a href=\"https:\/\/t.co\/hvwoyDy7AB\">pic.twitter.com\/hvwoyDy7AB<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/1712208448941932959?ref_src=twsrc%5Etfw\">October 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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.<\/p>\n<p>There was a real possibility for more downside especially if <a href=\"http:\/\/ambcrypto.com\/ethereum-are-sellers-back-in-control\/\">sell pressure<\/a> 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.<\/p>\n<p>So far ETH price performance seems to be holding up within the support range. This suggested that there might be a resurgence of demand or a slowdown in sell pressure. However, let\u2019s take a look at the data to really have a rough idea of what is happening.<\/p>\n<h4><strong>Can ETH bulls secure enough momentum for a rally?<\/strong><\/h4>\n<p>Exchange flow data revealed that Exchange Outflows remained lower than Inflows. The two metrics revealed a surge in activity in the last five days, which seems to have plateaued in the last 24 hours. Exchange Outflows notably dipped more intensely, indicating low bullish confidence in the market.<\/p>\n<figure id=\"attachment_350187\" aria-describedby=\"caption-attachment-350187\" style=\"width: 1040px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/My-Chart-99.png\"><img decoding=\"async\" class=\"wp-image-350187 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/My-Chart-99.png\" alt=\"ETH exchange flow data\" width=\"1040\" height=\"454\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/My-Chart-99.png 1040w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/My-Chart-99-300x131.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/My-Chart-99-1024x447.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/My-Chart-99-768x335.png 768w\" sizes=\"(max-width: 1040px) 100vw, 1040px\" \/><\/a><figcaption id=\"caption-attachment-350187\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p>While the exchange flow data may offer a bit of a dull picture regarding the current <a href=\"http:\/\/ambcrypto.com\/is-a-price-correction-imminent-for-ethereum\/\">state of demand<\/a>, it may not entirely dictate the next move. Whales have a much bigger impact on price movements and thus tend to be more on the smart money side of things.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">How many are 1,10,100 ETHs worth today<\/p>\n<hr \/>\n<p style=\"text-align: left;\">On-chain data revealed a divided front as far as whales are concerned. Addresses holding between 1,000 and 100,000 ETH have been trimming their balances for the last four weeks. Meanwhile, addresses holding over 100,000 coins have seen a net gain during the same period.<\/p>\n<figure id=\"attachment_350186\" aria-describedby=\"caption-attachment-350186\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-03.03.44-12-Oct-2023.png\"><img decoding=\"async\" class=\"wp-image-350186 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-03.03.44-12-Oct-2023.png\" alt=\"ETH supply distribution\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-03.03.44-12-Oct-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-03.03.44-12-Oct-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-03.03.44-12-Oct-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-03.03.44-12-Oct-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-03.03.44-12-Oct-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-03.03.44-12-Oct-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-350186\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>The supply distribution revealed that the top addresses currently hold the majority of the circulating supply. In short, a substantial number of whales are buying the dip.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analyst Ali highlighted that ETH might be about to pivot in favor of the bulls. The price recently retested its previous short-term support and consolidation is evident.<\/p>\n","protected":false},"author":63,"featured_media":350190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-350184","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ETH bulls are due for a short-term rally based on this price pattern - AMBCrypto<\/title>\n<meta name=\"description\" content=\"ETH might be ripe for a mid-October bounce now that it has been in a bearish pattern since the start of the month. 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