- Ethereum indicates an uptrend in the 4-hour trading pattern.
- However, ETH went bearish below the $1,300 zone in the 1-day trading pattern.
- Today’s FOMC meeting is a good turning point for the coin’s further trend.
Alongside Bitcoin’s downtrend, Ethereum (ETH) also went down, hovering below the $1,300 zone at some point today. After a short surge on October 4, ETH again slipped from $1383 to a current low of $1275 at press time. This signals an approximate 8% decline in ETH’s price.
Currently, the coin is trading around $1,300, with a 1.4% dip in the past 24 hours.
Despite ETH’s gradual price increase since September 7 and reaching a 3-day unique high point at $1,788, the coin steeply fell to the current lower zone. Notably, ETH tapped $1,760 on September 13 and $1654 during its PoS merge day on September 15. However, the price fell off the cliff by over 21% after the merge day.
ETH/USDT- 1-Day Trading Chart Source: TradingView
While looking at the 1-day trading graph of ETH in the EMA 50 range, it is clear that the coin had turbulence on September 15, which made it nose dive. Additionally, many Ethereum holders reportedly sold their coins due to the speculations that the transition to PoS would not make many benefits for them. This initially made the price of the coin dip.
On the other hand, a few days before the merge, ETH showed some surging green candles that blinked red approximately a day before the transition.
ETH/USDT 4-hour Trading Chart Source: TradingView
As clear from the 4-hour trading chart, ETH formed a bearish pattern at the beginning of October 10 that has not yet recovered. Also, it is evident that there has been “sell pressure” since that day.
Importantly, at press time, the current pattern on the 4-hour pattern signifies a good surge for ETH, which is expected to move forward in the upcoming hours.
According to hearsay, the crypto market would come back after “Septembear” and “Uptober” would retaliate against the market crash that happened in September. For those out of the loop, September has been a red zone for Bitcoin and most of the coins that followed it. Meanwhile, October used to be the month when BTC and other coins show green candles.
But October 2022 seems to move in contrary to the past-year Octobers, specifically, due to well-known reasons such as Terra Luna and 3AC crash, and other geopolitical tensions.
To note, the Federal Open Market Committee (FOMC) will conduct a meeting today at 22:00 ET to decide on open market operations. This would probably give new input on the ETH price trends in the following days.
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