Swyftx Analyst: ETH Sideways in the Short Term

Ether has experienced a 31.65% drop in the last 30 days.

ETH Technical Outlook and Support/Resistance Levels

Ether has dropped 31.65% in the last 30 days. Current price at 2.044 dollars, 24-hour change -1.11%. RSI at 44.60 in the neutral zone, overall trend bearish and Supertrend giving bear signal. EMA 20: 2.056 dollars. Strong supports: S1 1.943 dollars (4.94% distance, score 72/100), S2 2.025 dollars (0.95% distance). Resistances: R1 2.110 dollars (3.21%), R2 2.172 dollars (6.25%).

ETH Market Sentiment and Institutional Moves

Octobers 19 billion dollar liquidation event shook confidence, consumer sentiment fell back to 2022 levels, and the Crypto Fear & Greed Index showed 13 points with “Extreme Fear” on Friday. ETH fell 56.8% from its October peak of 4.687 dollars to 2.021 dollars. Despite this, BitMine Immersion Technologies bought another 45.759 ETH, raising its total holdings to 4.371.497 ETH (3.62% of circulating ETH). The ETH/BTC ratio increased 3.58% in the last seven days. Hundal noted that in the medium term, ETH will test experienced investors but he is watching for outperformance signals against Bitcoin (BTC).

Market news supports ETH: One of the UAEs largest banks is increasing its crypto assets, BTC PERP rose 8.40% forming a positive weekly candle. GD Culture Group is using its 7.500 BTC reserves for share buybacks, boosting overall crypto sentiment. ETH futures should be monitored.