Ethereum Price Prediction as ETH Faces Uphill Task in October 2023 – Can the $1,665 Threshold Be Breached?
The Ethereum price has dipped by a very slight 0.2% in the past 24 hours, falling to $1,633 as the cryptocurrency market remains flat today.
ETH has retreated slightly after another failed attempt to breach the $1,665 resistance level, with the altcoin down by 3% in the past week but up by 2.5% in the last 14 days.
The token has also risen by 36.5% since the beginning of the year, and with the market recently showing signs that it may be moving towards a recovery, ETH remains one of the likeliest coins to bounce back soon enough.
While ETH has seesawed quite a bit in the past couple of weeks, its indicators are in a position that suggests it should rally substantially soon.
Indeed, it's encouraging to note that its 30-day moving average (yellow) has been well below its 200-day average (blue) for over a month now, while its relative strength index (purple) is nearing 50 and pointing towards incoming gains.
Taken together, the position of these indicators would imply not only that ETH has been oversold for too long, but that it's now due to rally strongly very soon.
It certainly doesn't look as though it's going to fall significantly any more in the near future, with its support level (green) rising steadily since the middle of September.
Of course, the question is whether it can breach its current near-term resistance level of around $1,665, something which it has failed to do in the past 24 hours.
Likewise, its medium-term resistance level (red) of roughly $1,730 is another big barrier, but if ETH can crack this level it increases the chances of a significant rally.
The arrival of such a rally may depend on an improving macroeconomic picture, with rising government bond yields hurting stock markets at the moment and
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