Ethereum Price Prediction as ETH Hits Three-Month High: Time to Buy?
The Ethereum price has dropped by 2% in the past 24 hours, falling to $1,792 as the cryptocurrency market as a whole drops by the same percentage.
ETH’s fall comes as the market reacts to the news of Sam Bankman-Fried’s conviction for fraud, with the altcoin now flat in the past week.
Yet its price remains very close to a three-month high, having risen by 11% in a fortnight and by 9% in a month.
And with its fundamentals remaining among the strongest in the market, it’s only a matter of time before it rallies again.
ETH has dipped in the past day, yet its indicators still look promising, signalling that medium-term momentum is still with the coin.
Its relative strength index (purple) has dipped from over 70 in the past few days to nearly 60 today, suggesting a loss of buying pressure.
Yet ETH’s 30-day average (yellow) continues to rise towards its 200-day (blue), a positive sign which suggests that, once the shorter term average crosses its longer term counterpart, a breakout could happen.
It’s also encouraging to note that ETH’s support level (green) has been rising in recent days, implying that the current dip won’t be too severe.
It seems that dip has followed yesterday’s news of Sam Bankman-Fried’s conviction for fraud.
A New York jury has found the FTX founder guilty on all seven charges he faced, including wire fraud, securities fraud, commodities fraud, and also conspiracy to commit money laundering.
This news has seemingly weakened investor confidence, dragging down the cryptocurrency market by association, with all major coins affected.
Sam Bankman-Fried has been found guilty on all charges.
— Molly White (@molly0xFFF) November 2, 2023
Nonetheless, Ethereum remains in a strong position, with the altcoin still close to
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