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Data from BitinforCharts shows a rise in Ethereum transaction fees up to 2,293% since late June. The average transaction fee on the Ethereum network was about $22.52 just seven days ago. The transaction fee in October was $45.74 according to Decrypt. Meanwhile, Securities Regulators in Australia recently issue new positive guidelines on Ethereum and BTC exchange-traded products-ETPs.
Ethereum’s Altair upgrade is a major step towards the long-anticipated Ethereum 2.0, which is by far a greener, more secure, and cheaper network. Most importantly, the Altair upgrade is designed to make for a transition of the Ethereum network from a proof of work to a proof of stake consensus mechanism.
Read on as we identify the significant support, resistance levels, and chart patterns that drive the ETHUSDT exchange rates.
Ethereum (ETH) Weekly Chart Analysis
The weekly chart of the ETHUSDT already sets a higher exchange rate compared to the lower RSI reading, and consequently signaling a regular bearish divergence pattern.
Although the technical chart shows an impending bearish divergence, recent fundamental events such as the burning of ETH may lead to higher ETH prices and higher RSI readings, which could nullify the bearish divergence altogether.
Ethereum (ETH) Daily Chart Analysis
The daily time frame of the ETHUSDT is in an uptrend with the RSI printing higher values above level-25 and level-75, the on-chart RSI above shows values of the RSI from a 4HR time frame, therefore timing the entry points after every significant price correction.
Let’s move down to the 4HR time frame
Ethereum (ETH) 4 Hr Chart Analysis
A bearish divergence signal on 29 October 16:00 sets resistance at $4460.47 resulting in a price pull-back of the ETHUSDT exchange rate.
Though the intraday chart reflects a slowing of bearish momentum, a collapse of the $4232.20 support should signal a further price slump to the $3890.00 mark.
Also note that RSI readings below level-25 on the 4HT time frame, suggest a price bottom for the uptrend on the daily time frame, which continues to show higher values above level-25.