Ethereum price dropped below $1300 again, approaching the pinnacle of a bearish pattern which may drag the price lower
However, ETH price may eventually rebound and reach the higher targets before the end of October 2022
The previous month had been largely bearish as the prices tanked from $1787 to as low as $1222. Therefore, the price is trading within a highly consolidated range since the beginning of the monthly trade. However, in the short term, the ETH price has been gaining strength back and trading within a bullish pattern.
Presently, the ETH price trades within a triangle pattern where-in it may rise high toward the resistance area. However, the bears could try hard to restrict the price but the bulls presently appear strong enough to test the upper targets, initially at $1325 and later at $1365.
The whales, on the other hand, have maintained a stagnant trend by not accumulating more. In the past couple of months, the percentage of the coins held by them is between 24.5% to 25.12%. Hence, this may be an indication of significant volatility incoming as the activity of retail traders may have a large impact on the rally ahead.
As a result of increased volatility, the ETH price may reclaim levels above $1300 initially and maintain a significant upswing to reach the aforementioned targets. However, the fear of rejection may prevail until the price rises above the critical range of $1372 and reaches $1400.