Ethereum price has been on a strong rebound since the start of October after consolidating for months. The coin has jumped more than 20% in the past week while its market cap gained more than 1% in the last 24 hours. However, the total volume of ETH traded over the day has slipped by 11%. Ethereum is the world’s second most valued digital asset.
ETH October Outlook
Ethereum price has been on a strong bullish trajectory for the past few weeks. This came in as investors turned their focus to the US Federal Reserve on a likelihood that it will pivot in the coming months. This also saw other digital assets like Bitcoin and Ripple jump and propel upward.
According to data by CoinMarketCap, the global crypto market capitalization has risen by nearly 1% over the last day. However, the total crypto market volume over the last 24 hours has slipped by 14.48%. Despite Monday’s drop, the overall crypto market has been hinting at signs of a bullish run.
The positive outlook in the crypto market coincided with the rebound in American and global stocks. US indices such as Dow Jones, S&P 500, and Nasdaq 100 have also rebounded. These indices rose more than 10% in October, their best performance since 2020.
The ETH price rebound was also brought about by a drop in the US dollar index from $115 to $109. Ethereum has an inverse relationship with the US dollar. In October, the greenback slipped against most currencies including the Sterling pound and euro.
Ethereum Price Forecast
The daily chart shows that the Ethereum price has been on a strong bullish run for the past few weeks. At the time of writing, it was trading 1.89% at $1620. It hit an intraday high of $1635 before pulling back further. It has managed to move above the 25-day and 50-day moving averages. Its Relative Strength index (RSI) is stable at 57.
Therefore, the ETH price is likely to pull back in the near term before resuming its bullish run to $2,000. However, a move below the important support level at $1,500 will invalidate this bullish view.