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The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/eth-price-analysis-retest-rally-skyrockets-eth-eyes-2000/">ETH Price Analysis: Retest Rally Skyrockets ETH, Eyes $2000!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a>
The recent reversal in the ETH price from the 200-day EMA led to a sharp correction phase, marking a bear attack. Moreover, the correction phase raised doubts about the falling channel breakout.
Due to such events, the ETH price fell by 11% fall from the 200-day EMA to retest the broken trendline. However, with the successful retest phase, the <a href="https://coinpedia.org/information/market-price-prediction-ethereum-2019/" rel="noopener noreferrer nofollow">ETH price predictions</a> are turning optimistic for the coming months. &nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="478" src="https://image.coinpedia.org/wp-content/uploads/2023/10/16121224/ETHUSD_2023-10-16_11-45-10-1024x478.png" alt="" class="wp-image-237207" srcset="https://image.coinpedia.org/wp-content/uploads/2023/10/16121224/ETHUSD_2023-10-16_11-45-10-1024x478.png 1024w, https://image.coinpedia.org/wp-content/uploads/2023/10/16121224/ETHUSD_2023-10-16_11-45-10-300x140.png 300w, https://image.coinpedia.org/wp-content/uploads/2023/10/16121224/ETHUSD_2023-10-16_11-45-10-768x359.png 768w, https://image.coinpedia.org/wp-content/uploads/2023/10/16121224/ETHUSD_2023-10-16_11-45-10-1536x718.png 1536w, https://image.coinpedia.org/wp-content/uploads/2023/10/16121224/ETHUSD_2023-10-16_11-45-10-150x70.png 150w, https://image.coinpedia.org/wp-content/uploads/2023/10/16121224/ETHUSD_2023-10-16_11-45-10.png 1952w" sizes="(max-width: 1024px) 100vw, 1024px">
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Marking a big hiccup in the ‘Uptober’ season for Ethereum, this correction phase reached the $1,500 mark. However, with a post-retest reversal and the overall market recovery this weekend, the ETH price regained the bullish momentum. This leads to a successful retest phase.&nbsp;
With a post-retest reversal, the Ethereum prices are up by 2.74% in the last 4 days, approaching $1,600. The Ethereum price is currently trading at $1,581.8, with an intraday growth of 1.53%, leading to a bullish engulfing candle.&nbsp;
Considering the uptrend sustains momentum, the ETH market price is expected to test the 50-day EMA at $1,634. Furthermore, the improving market-wide sentiments and the post-retest reversal rally in Ethereum price hint at a high momentum prolonged uptrend.&nbsp;
Technical indicators:
RSI indicator: The daily RSI line displays a sharp reversal along with the price recovery to cross above the 14-day SMA. The daily RSI line approaches the halfway line and reflects an improvement in the underlying bullish sentiment.&nbsp;
EMA: The 50-day and 200-day EMAs remain declining after the death cross observed in early September.&nbsp;
<h2 class="wp-block-heading" id="h-will-eth-price-cross-the-2000">Will ETH Price Cross The $2000?</h2>
If the Bitcoin spot ETF gets a green signal, the market-wide sentiment is expected to improve exponentially. Moreover, it will lead to a price jump in Bitcoin and other altcoins. In such a case, the ETH price will ride the high-speed sentiment-fueled bull run to test the $2000 mark.&nbsp;
On the flip side, a reversal from the 50-day EMA might delay the uptrend with a retest of the $1600 mark.&nbsp;

ETH Price Analysis: Retest Rally Skyrockets ETH, Eyes $2000!

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