Ethereum Price Prediction: What's Next For ETH As It Tests Correlation With Bitcoin?

Ethereum Price Prediction: What’s Next For ETH As It Tests Correlation With Bitcoin?

Updated: 29 October 2023

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Ethereum (ETH) price remains bearish, trapped within a descending parallel channel. But there are still upside possibilities.

After bouncing off the lower boundary of the technical formation at $1,552 in the chart below, the second-largest cryptocurrency by market capitalization may be ready for a strong climb.

That said, while the Relative Strength Index (RSI) is edging north to show rising momentum, the Awesome Oscillators (AO) remain negative with hot red histogram bears. This explains why ETH was tightly bound over the last three days.

Notwithstanding that, the RSI is about to execute a bullish crossover, moving above the signal line (yellow band), which could see the Proof-of-Stake (PoS) token vindicated from underneath the foothold of the bearish channel.

TradingView: ETH/USDT 1-day chartConversely, reduced buyer momentum could see the bears prevail, sending Ethereum below the immediate and crucial $1,552 support level. This level is critical as it coincides with the midline of the chart pattern. In the dire case, ETH could land at the foot of the downtrend at $1,416. Such a move would constitute a 12% slump.

Read our guide on why you must buy Ethereum now.

Influence of Bitcoin on Ethereum Price

In the meantime, Ethereum’s price appears to be breaking its correlation with Bitcoin. Barely two weeks ago, the BTC to ETH correlation was 0.94.

ETH BTC correlation Sep 14 — BTC correlation with ETH as of September 14

Fast forward ten days, the correlation has dropped to 0.41, representing a 56% drop in correlation. This gives ETH holders a chance to decide their own fate, depending on whether and bears show the most resolve.

ETH BTC correlation September 24 — BTC correlation with ETH as of September 24

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BTC Alternative

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