On Friday, the price of Ethereum (ETH) rose by almost 10%, reaching a new 24-hour high of $1,339. The decline in the U.S. dollar index and other macro factors have provided support for the rally, which is due to the large ETH gas costs burnt by the XEN Crypto project.
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The turnaround of $1,450 in support for Ethereum, according to Rekt Capital, is crucial for the next wave of bullish momentum, they say.
After $1450, Ethereum’s (ETH) Price Will Confirm Its Uptrend
On October 14, popular analyst Rekt Capital tweeted that turning $1,450 into support would cement Ethereum’s bullish rise.
After the release of September’s CPI, Ethereum jumped 10%, reaching a high of $1,339 from a low of $1,209. The cryptocurrency market as a whole has shown signs of life again following the recent uptick in the stock markets and Bitcoin’s price. The price of ether has also increased, and is now trading at over $1,300.
But Rekt Capital thinks Ethereum has run smack into significant resistance. For weeks, it has been consolidating just below the level of resistance. If the Ethereum price is able to turn $1,450 into support, then the trend will turn bullish. Ethereum is under stress until then.
Even if the U.S. dollar index (DXY) recently rose above 113, Ethereum has maintained a price above that mark. Because of this, the odds of a price drop for ETH are low, making a rise or a stable price the most likely outcome.
Meanwhile, Glassnode reported an all-time high of 1,592,964 addresses with at least 1 ETH. Furthermore, there has been a 21-month low of 1,228 addresses sending ETH to exchanges. It’s a sign that investors are getting more bullish on Ethereum and the price.
Source: Google Trend