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While Bitcoin\u2019s (BTC) price dipped 3% on Wednesday, Ethereum (ETH) price had a relatively stronger showing as it held steady at $1560. Vital on-chain and technical indicators suggest that ETH is in a prime position to hold the $1,500 support level in the days ahead.<\/p>\n<\/div>\n<\/div>\n
The crypto market<\/a> experienced intense volatility on Wednesday. But interestingly, Bitcoin (BTC<\/a>) and Ethereum (ETH<\/a>), the two largest megacap cryptocurrencies, trended in opposite directions.\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n While BTC price shrunk 3% on October 11, Ethereum price held its ground at the $1,560 mark. A vital on-chain indicator has revealed this was due to spot traders mounting buy-orders for ETH across several crypto exchanges.\u00a0<\/span><\/p>\n IntoTheBlock<\/em>\u2019s Aggregate Exchange Order Books<\/em> chart, shows that traders have mounted orders to buy 573,000 ETH coins around the current prices. And in comparison, sellers have only put 456,000 ETH up for sale.\u00a0<\/span><\/p>\n The chart above shows the aggregate ETH buy\/sell order placed across 20 crypto exchanges including Binance<\/a> and Coinbase<\/a>. It shows that currently, market demand for Ethereum has exceeded supply by nearly 120,000 ETH.\u00a0<\/span><\/p>\n Typically, when the demand for an asset exceeds supply, it puts upward pressure on price, since sellers have to raise their bids to get their orders filled quicker.\u00a0<\/span><\/p>\n If this narrative holds, traders<\/a> can anticipate mild ETH price upswing and strong support around the $1,500 territory in the days ahead.<\/span><\/p>\n From an technical perspective, ETH looks set to experience a neutral daily price trend, consolidating within the narrow $1,535 and $1,570 range.\u00a0<\/span><\/p>\n In the daily time frame, Ethereum price stood at $1565 after recording a daily increase of 0.65%, as the weekly decline stood at 4.5%. Meanwhile ETH\u2019s trade volume is currently at $4.8B dropping 13% on Wednesday, suggesting the downtrend intensity may cool off.\u00a0<\/span><\/p>\n Also, the Bollinger bands are diverging, showing rising volatility levels on Ethereum Price. The Relative Strength Index (RSI) is moving below the neutral line, edging closer to the oversold region.\u00a0<\/span><\/p>\n In summary,, ETH price can find initial support at $1,535 if the industry-wide bearish tailwinds intensify. Failure to hold that level could trigger a retest of the $1,500 territory.\u00a0<\/span>\u00a0<\/span><\/p>\n But on the upside, $1,620 is the key resistance level to watch. A break above that level, could give the bulls momentum to push for $1,710.\u00a0<\/span><\/p>\n However, strategic investors will also keep an eye out for the upcoming US Consumer Price Index (CPI<\/a>) reports. <\/span><\/p>\n<\/div>\n<\/div>\nETH Price Prediction: $1,500 Psychological Support Could Strengthen.\u00a0<\/span><\/h2>\n