- Ethereum price is deliberating another 15% spike as part of a 39% falling wedge pattern breakout.
- Attackers of the Deribit hot wallet transferred 210 ETHs, according to transaction records on Etherscan.
- As support behind Ethereum steadies, weakening resistance areas could pave the way for gains to $1,897.
Ethereum price is slacking in its quest to return above $2,000. The largest smart contracts token teeters at $1,640 at the time of writing and in the wake of a short climb from support highlighted by the 100-day Exponential Moving Average at $1508.
Its technical outlook remains bullish despite the sluggishness experienced as it approached $1,700. A daily candlestick close above $1,600 will go a long way to affirm Ethereum's likely move to $1,897.
What'sWhat's holding Ethereum price bullish outlook intact?
Ethereum price started its quest for highs close to $2,000 after securing support at $1,260. A break out of a falling wedge pattern boosted the bulls' efforts, setting the course clear for a 39.35% move to $1,897.
With the general outlook in the market staying bullish this week, it has been easy for buyers to nurture a sudden rebound that saw ETH tag $1,676 – a weekly high on most exchanges. From the daily chart, Ethereum is more than halfway through its breakout target – having moved 23.91% to trade at $1,640.
The falling wedge is a bullish pattern that often marks the end of a downtrend or continuation of an uptrend. It has a precise breakout target of 39.35%, measured by the distance between the widest points of the wedge – extrapolated above ETH'sETH's breakout point.
ETH/USD daily chart
The Moving Average Convergence Divergence (MACD) indicator backs the bullish outlook in Ethereum price. The MACD validated a buy signal it gradually flashed in October by moving above the mean line. If the index's 12-day Exponential Moving Average (EMA) holds above the mean line, odds will be inclined to support ETH'sETH's bid for $1,897.
Fundamentals improve as Ethereum price uptrend steadies
According to Glassnode, the total exchange inflow volume has generally been upward since November 1. Approximately 360,000 ETH left exchanges compared to only 65,000 ETHs, as recorded on October 8.
This on-chain metric exhibits increased investor optimism. Holders tend to move their assets out of exchanges when they intend to HOLDL, a term used to mean holding assets for a longer period. This exodus of ETH from exchanges indirectly reduces selling pressure, thus paving the way for a sustained price movement to the upside.
Ethereum Exchange Outflow Volume
For now, the path with the least resistance is to the upside, but bulls must confirm a daily close above $1,600. Moreover, trading above the stubborn resistance at $1,700 could quicken the move to $1,897. On the downside, short positions could flip profitable if Ethereum price slides below the 100-day (EMA) (in blue) for possible targets at the 50-day SMA and support at $1,360.
Etherscan transaction records
In other news, the Deribit hot wallet's attackers transferred part of the stolen funds to Tornado Cash on Saturday. According to Etherscan, 210 ETHs were moved in three transactions. The attackers still possess 8,901 ETHs, while all the stolen Bitcoin (BTC) is yet to be transferred.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polkadot Price Forecast: DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle

Polkadot seems to be ending its downtrend after shedding 92.91% in the last two years from its all-time high of $55.09. In the last three days, DOT has inflated by 3.3%, breaching a declining trendline and confirming the potential start of an uptrend.
Floki Inu Price Forecast: FLOKI sets stage for 30% rally

Floki Inu price rallied nearly 20% on September 30 but closed the candlestick with a 12% gain. The recent uptick opens the possibility of a 30% rally for FLOKI holders. A daily candlestick close below the $0.0000160 level would invalidate the bullish thesis.
Binance Coin Price Prediction: BNB struggles will end after reclaiming $228

Binance Coin (BNB) price has been in a tight consolidation for nearly six weeks. But the range tightening could end soon, potentially allowing bulls to take over and attempt to flip multiple hurdles standing in their way.
Solana Price Forecast: SOL big picture to flip bullish soon, all eyes on $26

Solana (SOL) price seems to be undoing the bearish pressure that has kept it subdued all this time. The recent spike in buying pressure has pushed SOL to produce a higher high on the three-day chart, signaling a shift in momentum favoring bulls.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why

Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.