Choppy Session In Play

The EUR/USD is trading mildly flat, around 1.1600 amid weakening market sentiment, as China Evergrande worries and US-Sino tensions resurface. Despite mounting inflation fears, the US dollar remains strong. The focus is on the US Durable Goods statistics, corporate results, and the ECB decision.

The Euro has proved itself to be stabilized at the 1.16 level, and at this point, I believe this is a critical level. It operates as a "price magnet," so it is not surprising to see it in this approximate vicinity. The Euro has been falling for several months, but it has made a minor rally in the last couple of weeks.

The US dollar has been somewhat weak, but the Euro is likely to be the one currency where we see the greatest probability of a reversal. After all, the Euro has been a miserably weak currency. The dollar slipped lower in early European trade Wednesday, as markets remained calm ahead of next week's Federal Reserve meeting, while the United Kingdom's budget remains in place. The Federal Reserve has officially entered a blackout period ahead of next week's policy-setting meeting, and traders are now focusing on a succession of significant data releases. The September durable goods orders are released on Wednesday, but the 3Q GDP announcement on Thursday and the September core PCE deflator on Friday will garner the most interest.

In September, consumer confidence in Germany rose once more. Economic and income expectations are rising, as is the proclivity to buy. As a result, GfK predicts a 0.3-point increase in consumer mood in October, up 1.4 points from September of this year (revised from -1.1 points).

These are the findings of the September 2021 GfK Consumer Sentiment Survey. The current rise in income prospects, tendency to consume, and a decrease in the propensity to save contribute to a recovery in consumer sentiment in Germany.

EUR/USD Intraday Technical Levels

Support Resistance

1.1576 1.1652

1.1545 1.1697

1.1501 1.1727

Pivot Point: 1.1621

EUR/USD - Technical Outlook

The EUR/USD is trading with a strong bearish bias at 1.1604 level, having violated the upward trendline at 1.1631 level. The closing of candles below 1.1620 suggests a selling bias among investors. On the bearish side, the EUR/USD’s immediate support prevails at the 1.1590 level.

Furthermore, an additional breakout of 1.1590 support could expose the pair towards the 1.1576 level. Moreover, the breakout of 1.1576 exposes the pair towards 1.1546.

On the higher side, the EUR/USD’s immediate resistance stays at the 1.1620 level as that’s been extended by a pivot point resistance level. Above this, the EUR/USD will be exposed to the next resistance areas of 1.1650 and 1.1665 levels. The RSI and Stochastic are supporting a selling bias on Wednesday. Therefore, the bearish bias dominates below 1.1620 and vice versa. All the best!

Bitcoin Price Prediction

On Wednesday, the BTC/USD pair continued trading with a selling bias at 60,260 levels amid mixed fundamentals. CNBC has heard that Mastercard is set to announce that any of the hundreds of banks and millions of merchants on its payments network will soon be able to integrate cryptocurrency into their goods. This includes bitcoin wallets, credit and debit cards that generate cryptocurrency rewards and allow digital assets to be spent, and loyalty schemes in which airline or hotel points may be turned into bitcoin.

In the past, the popular prediction model has been astonishingly accurate in anticipating Bitcoin's bearish and bullish cycles against its rising scarcity. Bitcoin (BTC) reached a fresh high of $67,000 last week, raising the prospect of reaching $100,000 by the end of the year. PlanB, the popular Bitcoin Stock-to-Flow (S2F) model developer, referred to Bitcoin's price retreat from the $60,000 level as the "second leg" of what appeared to be a long-term bull market.

In doing so, the anonymous analyst cited S2F, which predicts Bitcoin will continue its upward trend and reach $100K to $135K by the end of the year. The price projection model asserts that Bitcoin's worth will continue to rise until it reaches at least $288K per token due to the "halving," an event that occurs every four years and decreases BTC's issuance rate by half against its 21 million supply cap.

Notably, Bitcoin has had three halvings so far: in 2012, 2016, and 2020. Each occurrence reduced the cryptocurrency's fresh supply rate by 50%, followed by significant gains in BTC price. For example, the first two halvings caused the price of Bitcoin to surge by almost 10,000 percent and 2,960 percent, respectively.

The third halving increased the price from $8,787 to as much as $66,999, a 667.50 percent increase. So far, S2F has been fairly correct in projecting Bitcoin's price trajectory, as demonstrated in the chart below, giving bulls increased faith that Bitcoin's post-halving bounce will see its price reach the $100,000 barrier.

BTC/USD Intraday Technical Levels

Support Resistance

60913.99 63975.77

59242.30 65365.14

57851.50 67036.70

Pivot Point: 62303.70

BTC/USD - Technical Outlook

Bitcoin's price fell below $60,000, although the decline was limited. BTC fell as low as $59,610 before resuming its upward trend. The price was able to break through the resistance levels of $61,000 and $61,200.

Above the $62,000 and $62,500 marks, there was a recovery wave. Bitcoin even surpassed the 50% Fib retracement level of the decline from the swing high of $66,980 to the low of $59,610. The price has risen above $62,000 and the 100 hourly simple moving average. It is currently seeing resistance near $63,000 and $63,200. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $63,200.

The key barrier for a breakout is currently building near the $64,000 mark. It is close to the 61.8 percent Fib retracement level of the decline from the swing high of $66,980 to the low of $59,610. A decisive break over the trend line resistance and afterward $64,000 may open the door to a move towards the $65,000 mark. The next significant resistance is located near the $66,500 level. All the best!

Pivot Point Breakout at 1,803

Gold ended the day at $1809.10, having reached a top of $1811.45 and a low of $1793.05. On inflation concerns, gold maintained its bullish momentum for the second straight day, remaining above the $1800 mark.

On Monday, investors began anticipating the next Federal Reserve meeting for its next monetary policy decision, as continued concerns about inflation made them wary of placing large wagers in the market. Though there was a belief that inflation would be transitory, the persistence of pressure has created concerns about the prospects.

During Friday's trading session, the price of gold fell from its September high after Federal Reserve Chairman Jerome Powell stated that strong inflation would likely abate next year. He also believes that the central bank should begin tapering asset purchases immediately to lower the amount of support provided to the economy but not yet raise interest rates.

Powell's remarks stoked concerns that inflation will likely stay longer and will not be transitory, as previously claimed by the Fed, which helped the safe-haven metal gain some traction, and gold ended up gaining on Monday, benefiting from its inflation-hedge status.

Investors are now looking forward to the next FOMC meeting scheduled for November 2-3. The markets are pricing more inflation, and investors believe that the current high level of inflation is not a fad. In such a case, gold benefits from its role as a store of value.

Meanwhile, the US Dollar Index was recovering on Monday after trading near 93.84. But the benchmark 10-year Treasury yield fell to 1.62 percent on Monday, boosting the surge in precious metals prices.

Furthermore, the United States and China have made some incremental progress in their economic and trade talks. Chinese Vice Premier Liu He and US Treasury Secretary Janet Yellen spoke for the second time in less than four months.

The call was regarded as realistic, frank, and constructive by Chinese media. Both sides agreed that China and the United States needed to improve communication and macroeconomic policy coordination at a critical juncture in the global recovery.

GOLD Intraday Technical Level

Support Resistance

1796.04 1814.54

1785.27 1822.27

1777.54 1833.04

Pivot Point: 1803.77

GOLD - Technical Outlook

Gold continues to trade bullish and is now priced at $1,804 per ounce. Technically, gold is trading with a bullish bias above the pivot point support level of 1,808. The odds of a bullish trend continuation seem probable as the metal has closed with a bullish engulfing candle above the pivot point mark.

Moreover, the technical side of gold suggests a bullish bias as RSI is still holding above 50 on a 4-hour timeframe. Gold’s immediate support prevails at 1,796 and below this, the next support holds around 1,782 and 1,778.

On the bullish side, gold’s next resistance stays at 1,809, and a breakout of this exposes gold's price towards 1,827. Bullish bias dominates over 1,796 and vice versa. All the best!

Upward Channel Breakout

The EUR/USD pair ended the day at $1.1606 after reaching a high of $1.1666 and a low of $1.1590.EUR/USD fell on Monday and extended its losses due to the US dollar's resurgence, risk-off market sentiment, and mixed macroeconomic data from Europe. The US Dollar Index, which measures the greenback's value against the basket of six major currencies, rose and reached a 93.84 level that ultimately supported the US dollar and weighed on the currency pair EUR/USD. On the other hand, the single currency euro was weak on Monday as the German growth outlook for October dropped, which ultimately added to the declining prices of the EUR/USD currency pair.

On the data front, at 13:00 GMT, the German IFO Business Climate for October dropped to 97.7 from the forecasted 98.2 and weighed on the single currency euro. That added to a further decline in the EUR/USD pair. At 18:00 GMT, the Belgian NBB Business Climate increased to 4.0 from 2.3 expected, bolstering the single currency Euro and capitulating further losses in the EUR/USD pair. Furthermore, the investors were also cautious before the upcoming European Central Bank meeting scheduled on Thursday. Investors will keep a close eye on the comments coming from ECB officials as they could give hints about the next moves by the bank. Traders will look forward to the comments to find out whether inflationary pressures impact interest rates.

Moreover, the European currency was also weak across the board amid rising coronavirus infections in the region. The coronavirus infections recorded so far in eastern Europe surpassed 20 million on Sunday as the outbreak reached its worst level since the pandemic started. Because of the lowest vaccination rates in the countries belonging to that region in Europe, less than half of the population have received a single dose there.

The average daily infection rate has been recorded there as 83,700, which is the highest level since last November. These negative developments in Europe added weight to the single currency that ultimately dragged the currency pair EUR/USD further to the downside.

EUR/USD Intraday Technical Levels

Support Resistance

1.1576 1.1652

1.1545 1.1697

1.1501 1.1727

Pivot Point: 1.1621

EUR/USD - Technical Outlook

The EUR/USD is trading with a strong bearish bias at 1.1604 level, having violated the upward trendline at 1.1631 level. The closing of candles below 1.1620 suggests a selling bias among investors. On the bearish side, the EUR/USD’s immediate support prevails at the 1.1590 level.

Furthermore, an additional breakout of 1.1590 support could expose the pair towards the 1.1576 level. Moreover, the breakout of 1.1576 exposes the pair towards 1.1546.

On the higher side, the EUR/USD’s immediate resistance stays at the 1.1620 level as that’s been extended by a pivot point resistance level. Above this, the EUR/USD will be exposed to the next resistance areas of 1.1650 and 1.1665 levels. The RSI and Stochastic are supporting a selling bias on Tuesday. All the best!

Bitcoin Price Prediction

Following a few big industry milestones, the top cryptocurrencies by market value are off to a positive start this week. Bitcoin reached an all-time high of $66,000 on Wednesday, following the market debut of the first bitcoin futures exchange-traded fund in the United States on Tuesday. According to Coin Metrics, it is presently worth roughly $62,728. On Thursday, Ether broke its record, surpassing $4,366. It is currently trading at roughly $4,179.

In addition, here are six additional significant developments in the crypto realm over the last week. On Tuesday, the ProShares futures-based bitcoin ETF debuted on the New York Stock Exchange under the ticker "BITO." ETF invests in the bitcoin futures in contracts that speculate on the digital asset's future price rather than the present or "spot price" of the cryptocurrency itself. As a result, the ETF and bitcoin prices will not coincide.

Nonetheless, CNBC claimed that the ProShares bitcoin futures ETF had one of the "largest opening days on record for ETFs," bringing in $550 million. Senate Democrats addressed a letter to Facebook CEO Mark Zuckerberg, urging the social network giant to discontinue the Novi digital wallet project. Sens. Brian Schatz (D-HI), Sherrod Brown (D-OH), Elizabeth Warren (D-MA), and others signed the letter after Facebook launched its Novi pilot program in the United States and Guatemala on Tuesday.

"Facebook cannot be entrusted to manage a payment system or digital currency when its prevailing strength to manage uncertainties and keep users protected has proven inadequate," the letter stated. "We implore you to halt your Novi pilot immediately and to commit to not bringing Diem to market." Diem, rebranded from Libra, is a dormant Facebook digital currency project. Instead of using Diem, Facebook has revealed intentions to use the Paxos Dollar, a stablecoin. Novi would permit users to grant and receive money in Paxos Dollars, with Coinbase serving as its custody partner.

BTC/USD Intraday Technical Levels

Support Resistance

60913.99 63975.77

59242.30 65365.14

57851.50 67036.70

Pivot Point: 62303.70

BTC/USD - Technical Outlook

Bitcoin's price fell below $60,000, although the decline was limited. BTC fell as low as $59,610 before resuming its upward trend. The price was able to break through the resistance levels of $61,000 and $61,200.

Above the $62,000 and $62,500 marks, there was a recovery wave. Bitcoin even surpassed the 50% Fib retracement level of the decline from the swing high of $66,980 to the low of $59,610. The price has risen above $62,000 and the 100 hourly simple moving average. It is currently seeing resistance near $63,000 and $63,200. On the hourly chart of the BTC/USD pair, a big negative trend line is forming with resistance near $63,200.

The key barrier for a breakout is currently building near the $64,000 mark. It is close to the 61.8 percent Fib retracement level of the decline from the swing high of $66,980 to the low of $59,610. A decisive break over the trend line resistance and afterward $64,000 may open the door to a move towards the $65,000 mark. The next significant resistance is located near the $66,500 level. All the best!

Pivot Point Breakout at 1,796

Gold prices ended the day at $1796.30, having reached a top of $1815.50 and a low of $1783.40. Due to a weak US dollar and dropping US Treasury yields, gold prices have surged to their highest level since September 7th.

The weakening US dollar, along with mounting inflationary pressures, appeared to enhance gold's safe-haven appeal, pushing its price to a 5-week high. Gold had another bullish week as the dollar continued to fall despite rising inflation predictions.

The US Dollar Index, which measures the greenback's value against a basket of six major currencies, dipped to 93.54 on Friday, weighing on the greenback. The US Treasury Yields broke a six-day bullish trend on Friday, falling as low as 1.63 percent, dragging down the US dollar and eventually supporting rising gold prices.

On the data front, at 18:45 GMT, the Flash Manufacturing PMI for October fell to 59.2 from the predicted 60.5, weighing on the US dollar and adding to precious metals advances. The Flash Services PMI increased to 58.2 from 55.3, supporting the US dollar and limiting further advances in gold prices. The Federal Budget Balance for September remained steady at 22:58 GMT, with forecasts of -61.5B.

Furthermore, San Francisco Federal Reserve Bank President Mary Daly stated on Friday that monetary policy could do little to alleviate or offset climate risks, even though the central bank does not need to factor those risks into its economic predictions and longer-term prognosis.

While Fed Chair Jerome Powell suggested on Friday that the US central bank should begin decreasing its economic support by reducing asset purchases, interest rates should not be raised at this time.

He stated that there were still 5 million jobs available that were not available before the outbreak. He went on to say that rising inflation will likely fall next year as the effects of the pandemic diminish.

He was optimistic that the Fed's employment objective would be met next year and that supply limitations would eventually ease, allowing job growth to accelerate again. These comments from the Fed's chairman boosted bullion prices, sending them to a five-week high on Friday.

GOLD Intraday Technical Level

Support Resistance

1793.99 1796.04

1792.62 1796.72

1791.94 1798.09

Pivot Point: 1794.67

GOLD - Technical Outlook

Gold continues to trade bullish and is now priced at $1,798 per ounce. Technically, gold is trading with a bullish bias above the pivot point support level of 1,796. The odds of a bullish trend continuation seem probable as the metal has closed with a bullish engulfing candle above the pivot point mark.

Moreover, the technical side of gold suggests a bullish bias as RSI is still holding above 50 on a 4-hour timeframe. Gold’s immediate support prevails at 1,796 and below this, the next support holds around 1,782 and 1,778.

On the bullish side, gold’s next resistance stays at 1,809, and a breakout of this exposes gold's price towards 1,827. Bullish bias dominates over 1,796 and vice versa. All the best!

Upward Channel Supports Buying Trend

The EUR/USD is steady this week, around 1.1645 at daily resistance, with the US dollar attempting to hold up. Since the dollar index places a one-year high during the last week, investors have grabbed profits as they build expectations for faster rate increases in other currencies. Nevertheless, the dollar regained some of its losses on Friday, and Treasury yields fell, as Federal Reserve Chairman Jerome Powell stated that the US central bank should begin cutting asset purchases shortly but not yet hike interest rates.

However, there were no major shocks in his remarks, although he stated that the effects of global supply-chain restrictions have a longer-term influence on prices. Nonetheless, he believes that inflation will eventually return to 2%. This resulted in an immediate sell-off in US rates, with 10-year UST yields falling dramatically to 1.63 percent. Equities in the United States were also down.

In the United States, the Markit Manufacturing PMI fell more than expected in October, to 59.2 from 60.5 expected. On the other hand, the service index improved more than expected (to 58.2 vs. the expected 55.2). "The effects of supply-chain restrictions were clear in the details, with input price indices climbing to series highs," ANZ Bank analysts explained. "Measures of backlogs and manufacturing timelines were likewise at their greatest levels on record."

Domestically, the preliminary composite PMI for October dipped to 54.3, down from 55.2 predicted. This was mainly due to a decline in the German service PMI activity, which fell by 3.6 points to 52.4. Meanwhile, the EA manufacturing PMI remained relatively constant, dropping 0.1 points to 58.6. "The numbers show that growth in Europe will moderate in Q4, but the recovery will remain intact," ANZ analysts noted. "The composite employment index increased by 1.2 points to 56.1, while the prospective output index increased by 0.3 points to 67.2."

EUR/USD Intraday Technical Levels

Support Resistance

1.1624 1.1659

1.1604 1.1675

1.1588 1.1694

Pivot Point: 1.1659

EUR/USD - Technical Outlook

According to the daily swing chart, the primary trend is down. However, momentum is increasing. A trade through 1.1755 will shift the primary trend to the upside. A break of 1.1524 will signify the resumption of the downturn.

The minor trend is positive. This is fueling the upward momentum. A transaction through 1.1669 indicates that purchasing is becoming more powerful. A break of 1.1572 will shift the minor trend to the downside.

Support is a sequence of 50% levels at 1.1640, 1.1621, and 1.1597 based on the close at 1.1644. Moreover, 1.1909 to 1.1524 is the major range. The retracement zone from 1.1717 to 1.1762 is the next potential upside objective and resistance zone. All the best!

Bitcoin Price Prediction

The BTC/USD ended the day at $60,847.0, having reached a high of $61,471.0 and a low of $59,537. BTC/USD dropped on Sunday, but the losses remained very consolidated amid low trading volume. According to Elvira Nabiullina, governor of the Central Bank of Russia, the bank is not ready to allow the trading of ETFs based on bitcoin futures. This statement came in response to the latest move by the U.S. Securities and Exchange Commission (SEC) to list the bitcoin ETF in the country.

On Tuesday, Oct. 19, the first Bitcoin ETF in the U.S. was launched on the New York Stock Exchange, which reached almost $1 billion in total volume before trading closed. And on Friday, Valkyrie's bitcoin Strategy exchange-traded fund was also listed on Nasdaq. The Central Bank of Russia (CBR) has said that the listing of such instruments comes with an increased risk of losses for less-experienced traders. The CBR has called on brokers and trustees to refrain from offering assets and products related to cryptocurrencies. This news added downward pressure on BTC/USD over the weekend.

Meanwhile, one of the OG supporters of bitcoin, Dan Held, said that China's banning of bitcoin might be the biggest geopolitical mistake of the century. China surprised the crypto space when it suddenly decided to ban cryptocurrency in the country. As the move has taken a very serious step, more and more crypto platforms are exiting the country and continuing their business elsewhere.

Furthermore, Pacaso, a major real estate agency, has stated that it would begin taking cryptocurrency payments from individuals wishing to buy or invest in a second house. Pacaso stated that digital currencies were becoming more mainstream and that investors were hoping to potentially cash in on these assets by acquiring homes to build their fortune. To ensure that transactions are concocted on time, the company has joined Bit Pay, a cryptocurrency payment processing platform. Apart from Bitcoin, other cryptocurrency payments will also be accepted, including ETH, LTC, BCH, DASH, and several other stable coins. This news caped some of the losses on Sunday in BTC/USD.

Mariah Carey has also encouraged her fans to participate in cryptocurrencies by offering $20 in free bitcoin through her linked cryptocurrency exchange. This well-known singer, songwriter, and actress has five Grammy Awards, 19 World Music Awards, and 21 Billboard Music Awards to her name. Carey has teamed with Gemini, a cryptocurrency exchange, to offer a modest amount of free bitcoin to anyone who signs up for a trading account at the crypto exchange and begins investing. This news also helped to limit the decline in the Bitcoin/USD pair on Sunday.

BTC/USD Intraday Technical Levels

Support Resistance

60909.99 65765.77

59227.30 68304.14

56371.50 69986.70

Pivot Point: 63765.70

BTC/USD - Technical Outlook

Bitcoin dropped dramatically to test the support level of 60,360 before rebounding to trade at 61,970 on Monday. On the 4-hour-timeframe, Bitcoin has completed the 50% Fibonacci retracement at 60,362 and a breakout below this level exposes the selling trend until the 61.8% Fibo level of 59,050.

On the bullish side, Bitcoin’s immediate resistance stays at 63,080 level and a bullish breakout of 63,725 level exposes the coin towards 65,275 level. On the 4-hour chart, the leading indicators like RSI and MACD are in support of a bullish trend. While the pivot point is supporting the bullish bias at the 61,525 level on Monday, All the best!

XAU/USD Pivot Point Resistance 1,782

Gold was bullish during the Asia session on Friday morning, on track for its second weekly gain. A falling dollar brought some comfort from higher U.S. bond yields and rising bets that central banks worldwide will soon begin asset cutting.

Gold futures had risen 0.35 percent to $1,788.15. (3:47 AM GMT). The dollar, which typically has a negative correlation and moves in the opposite direction of XAU/USD, fell slightly on Friday. In the month to date, gold has traded in a broad $1,749 to $1,800 range, with gains restricted by a sharp increase in U.S. benchmark 10-year Treasury yields.

According to Fed Governor Christopher Waller on Thursday, the Federal Reserve of the United States should allow its $8 trillion balance sheet to shrink during the next few years. His colleague, Atlanta Fed President Raphael Bostic, stated that he expects strong inflation to continue until 2022 and that the U.S. central bank should raise interest rates by the end of the year. Later in the day, Fed Chairman Jerome Powell will participate in a policy panel discussion.

As per Reuters, the Bank of Japan is debating whether to phase down a COVID-19 loan program if the number of COVID-19 cases in the country continues to diminish. If the central bank decides to phase out the program, it might leave a crucial crisis mode policy sooner than expected.

Meanwhile, according to data issued earlier in the day, Japan's national core consumer price index (CPI) soared 0.1 percent year on year in September. According to the report, the national CPI increased by 0.4 percent month on month and 0.2 percent year on year. Silver rose 0.2 percent to $24.18 per ounce in other precious metals, putting it on track for its sixth weekly rise in a row. Platinum increased by 0.5 percent, while palladium increased by 1%.

GOLD Intraday Technical Level

Support Resistance

1776.81 1789.40

1769.08 1795.93

1763.61 1802.40

Pivot Point: 1782.28

GOLD - Technical Outlook

Gold continues to trade bullish and is now priced at $1,778 per ounce. Technically, gold is trading choppy and the odds of a bullish trend continuation seems probable. The technical side of gold suggests a bullish bias as RSI is still holding above 50 on a 4-hour timeframe.

The daily pivot point level is supporting gold at 1,782, and a breach of that level exposes the metal until the levels of 1,769 and 1,757.On the flip side, gold’s major resistance stays at 1,788 and a bullish crossover of this exposes the metal until the 1,800 level. All the best!

Ethereum Price Outlook

Today, Ethereum narrowly missed surpassing the all-time high (ATH) by less than $5, and it is already prepping for another attempt following a harsh rejection (13 percent drop on Bitstamp). As previously reported, Bitcoin flash collapsed on several exchanges, with the price dropping by 87 percent on Binance US within a split second. This drove down the entire market, although prices appear to be recovering.

After the price was rejected, the bulls swiftly bought the support line at $3,900, demonstrating that this move has the potential to carry us above the critical resistance at $4,380 and is also the ETH all-time high.

Contract holdings across the entire cryptocurrency ecosystem have also reached a new high, over $52 billion. This is an increase of more than 80% since the end of September. Bybt, a cryptocurrency data analytics platform, reveals an increase in ETH contract holdings to $11.82 billion. The Purpose Ether ETF is the world's first Ethereum ETF that is physically settled. The ETF's holdings have climbed to 76,000 ETH, an increase of 11,610.93 ETH tokens.

The surge in the price of ETH, caused by whale accumulation and institutional investment, has increased altcoin's market capitalization. As a result, ETH has provided the highest risk-adjusted gains in the last 24 hours compared to all other altcoins.

With growing on-chain activity, Ethereum is now leading the so-called Ethereum-killers cryptocurrencies such as Solana, Cardano, and Polkadot. Nikhil Shamapant's "triple halving" storyline is a catalyst for a large breakthrough in ETH price.

ETH/USD Intraday Technical Levels

Support Resistance

3934.77 4299.47

3789.03 4518.43

3570.07 4664.17

Pivot Point: 4153.73

ETH/USD - Technical Outlook

The ETH/USD is consolidating in a narrow trading range between 4153 – 4059 range. On the 4-hour timeframe, the ETH/USD has formed an "ascending triangle" pattern that supports the strong upward tren. The upward trendline is supporting the coin at 4110 level. On the higher side, the next resistance stays at the 4299 level and a bullish crossover of 4299 exposes the ETH coin towards the 4518 and 4664 levels.

On the downside, support prevails at the 4008 and 3934 levels. The ETH/USD has already violated the intraday pivot point support level of 4153.73 level and now this is operating as a resistance for the pair. Lastly, the technical tools like RSI and MACD are in support of buying trend. Therefore, the bullish bias dominates above the 4153 level and vice versa. All the best!