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👽️ ETH Volatility To Increase 

Word On The Street: Traders are gearing up for potentially larger price swings in ETH compared to Bitcoin as significant macroeconomic events approach.

The details:

• An expected spike in Ether's forward volatility—the anticipated future fluctuation of its price—between October 25 and November 8.

• The upcoming U.S. election could have a "significant impact" on ETH's price due to its close ties with the decentralized finance (DeFi) sector.

• DeFi could face varying degrees of regulatory scrutiny, especially if a pro-crypto candidate fails to secure the presidency.

Why it matters: With the U.S. election looming, traders are pricing in "more extreme movements" for ETH, reflecting the increased uncertainty surrounding the event.

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Traders Corner (Premium)

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Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Ethereum Technical Analysis (Free)

• Dogwifhat Technical Analysis (Paid)

• BONK Technical Analysis (Paid)

TRADERS CORNER
👾 Ethereum Technical Analysis

Ethereum is currently trading at $2,337.08, slightly below the middle VWAP band, which is positioned around $2,361.65. This positioning indicates a bearish bias as the price remains under the middle band and is showing signs of downward pressure.

Trend Analysis:

The chart illustrates a downward trend over the past sessions, marked by lower highs and lower lows. The price has been mostly trading within the confines of the VWAP bands, with occasional attempts to break above the middle band failing. This suggests that the bearish sentiment is still intact.

The VWAP bands have recently widened, indicating an increase in volatility, which is common in bearish market conditions. The lower shadows of recent candlesticks imply attempts by the bulls to push the price higher, but selling pressure continues to dominate, driving the price downward.

The BBP indicator at the bottom is deep in the negative territory, around -7.79, reinforcing the bearish outlook and suggesting that ETH is currently in an oversold condition.

Support and Resistance:

- Resistance: The immediate resistance lies at the middle VWAP band near $2,361.65. If the price manages to break above this level, the next resistance to watch is around $2,382.16.

- Support: The first level of support is at the lower VWAP band, currently near $2,320.64. A decisive break below this could trigger further downward movement, with the next key support zone around the psychological level of $2,300.

Potential Scenarios:

Bullish : If ETH manages to find buying support near the current price level and bounce, it could make an attempt to break above the middle VWAP band at $2,361.65. Successfully crossing this level could open up a path towards $2,382.16 and potentially higher, signaling a short-term reversal in the bearish trend.

Bearish: If the bearish momentum continues, ETH is likely to test the support at $2,320.64. A breakdown below this level could accelerate the selling pressure, pushing the price toward the psychological level of $2,300. In this case, the overall bearish trend would remain intact, with sellers dominating the market.

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