The price recently found support at $1785 area after failing to clear above $1869 level.
At the time of writing, ETH is trading at $1844, up 2.79% in the last 24 hours.
The renowned analytics firm Santiment expects that the following week will be pivotal for the crypto sector, and may signal the beginning of a bull run if prices decouple from their current association with stock markets. It will clear any doubts whether the cryptocurrency market is still linked to the stocks market or whether the crypto market will launch a bull run, as Santiment stated in a Twitter post earlier today.
The report claims that once Bitcoin and Ethereum slowed down, the S&P 500 index had a great week. This newfound volatility has called into doubt the long-held correlation between cryptocurrency and stock prices.
Observers of the cryptocurrency market have seen a spate of big Ethereum transactions during the last few days, coinciding seemingly with a price spike in ETH. An Ethereum whale reportedly sent 24,495 ETH to Binance on Friday, at a time when the price of ETH was climbing, and the transaction was worth approx. $45 million.
Bullish Momentum Continues
Now that October has ended, investors in cryptocurrencies are apprehensive as to how the market will perform in November. At the time of writing, ETH is trading at $1844, up 2.79% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 14.15%.
Source: CoinMarketCap
The ETH price recently found support at $1785 area after failing to clear above $1869 level. The price is yet again likely to test $1869 level, breaking which will likely take the price towards the $2000 level. However, if the price goes below $1828 level, then it will likely decline to $1802 support level.