The technical picture for Ethereum is more favourable, as the bulls did not allow the coin to consolidate below the 200-day MA and pushed it up on the latest positive news. From current levels near $3,600, the nearest target for buyers appears to be $4,000, which promises to be an important signal of market health.
Crypto News
Following the market crash on October 10-11, whales sold 32,500 BTC, while small investors actively bought on the dips. This is an alarming sign for Bitcoin, as historically, prices tend to follow the direction of whales, according to Santiment.
Bitcoin’s deleveraging phase is ‘largely complete’ after the sell-off. The first cryptocurrency could rise to $170,000 over the next 6-12 months, according to JPMorgan’s forecast.
