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According to the weekly chart, we can see that ETH is trading within an uptrend channel that has been coming since July 18, and until now it remains intact. It is expected that the next few days there will be correction to the bottom of the bullish channel.
A technical bounce around the support of this channel will be a good opportunity to buy. Thus, the asset could exceed its historical maximum and reach the level of 4,687, where there is 7/8 of murray in daily charts.
Our forecast is to sell below 7/8 murray (4,375), with targets at 3,750 and at the bottom of the bullish channel around 3,420. The eagle indicator on the daily chart is showing an overbought signal and investors are expected to take profits after this week's bull rally.
The weekly dynamic support level is located at the 200 EMA around 1,058, and the 21 SMA at 2,931. It is expected that in the short-term Ether may fall to the psychological level of 3,000. This level will be a good point to buy and it may give the ETH market a new bullish sequence and attract more buyers to break the 4,375 high.
Support and Resistance Levels for October 22 - 25, 2021
Resistance (3) 4,375
Resistance (2) 4,276
Resistance (1) 4,150
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Support (1) 4,062
Support (2) 3,933
Support (3) 3,782
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A trading tip for ETH for October 22 - 25, 2021
Sell below 4,375 or sell now below 4,150, with take profit at 3,750 and 3,450 (bottom bullish channel), and stop loss above 4,475.
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