BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Ethereum Price Prediction: Here Is Why ETH Looks Strong Above $1500

by BlockNews Team
November 3, 2022
in CRYPTO, GUIDES, INVESTING, OPINION
Reading Time: 3 mins read
A A
2
SHARES
31
VIEWS
Share on XShare in TelegramShare on Reddit

Ethereum (ETH) rallied briefly on Wednesday, and a market-wide uptick in crypto prices indicates that bulls are focused on starting November in the green. 

On November 2, the U.S. Federal Reserve announced a three-quarter basis point increase in interest rates. At first, the announcement positively impacted cryptocurrency and stock markets, which recorded slight gains just before Fed Chairman Jerome Powell’s speech about the rate hike and the future of Fed policy. 

ETH briefly climbed to a daily high at $1,622 before correcting to close the day at $1,518. While Ether’s price has been dropping since the weekend, holding above the crucial $1,500 psychological level is essential for ETH. 

The 75 basis point interest hike was already priced in by investors, and Powell, together with the Federal Open Market Committee (FOMC), indicated that the rate hikes would continue. Powell also hinted at a potential pivot based on the data to be analyzed in the next meeting.

Such a scenario indicates that Bitcoin, Ether, and other digital currencies will remain closely correlated to U.S. equities and display similar price volatilities witnessed before and after different rate hike cycles in the past. Ethereum bulls are already preparing for post-FOMC gains and price jump with the appearance of a bullish flag on the daily chart. 

Technical Formation To Push Ethereum Price To $2000

ETH’s price action led to the appearance of a bullish flag on the daily chart. This is a significantly bullish technical pattern, usually signaling the continuation of an uptrend. It is often formed following a sharp increase followed by a moderate correction that triggers buyers to get in at lower levels. What follows are massive buy orders that take the price above the technical formation.

In Ether’s case, a daily candlestick close above the flag’s resistance line at $1,560 could trigger intense buying that could see the token of the world’s second-largest crypto by market cap rise first towards $1,677 and later to the $1,800 psychological level.

In highly ambitious cases, bulls would push the price to close the liquidity zone defined by the $1,800 and $2,000 range to reach the target of the governing chart pattern at $2,095. This would represent a 35.42% climb from the current levels.

Apart from the technical chart pattern, the up-facing 50-day Simple Moving Average (SMA) and the upward movement of the Relative Strength Index (RSI) added credence to ETH’s optimistic outlook. The price strength at 60 suggested that the buyers had taken over control of Ethereum’s price. 

On the other hand, the Arms Index (TRIN) just sent a bearish signal when it rose above the red line at 1.26. This indicated that more sellers were in the market and selling on the minor rally to $1,600. 

If these sellers can pull the price below the $1,560 level, Ethereum could remain inside the flag for a few days. Increased supply would then push the token of the smart contracts below the support line of the bullish pennant at $1,500, confirming a drop below the pattern.

In such a scenario, the ETH price may drop towards the 50-SMA at $1,370 after losing the support from the $1,400 psychological level. In highly bearish cases, the altcoin may drop toward the $1,250 support flow or the $1,190 swing low. 

Tags: ethethereumMarket analysis
Tweet1ShareShare
Previous Post

MetaMask and HyperPlayGaming Working Together to Make MetaMask A Part of Every Desktop Game

Next Post

Popular Social Media Platforms Instagram And Facebook Add Support For Solana NFTs

DON'T MISS THESE! HOT OFF THE PRESS

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?
CRYPTO

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Load More

Related News

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.