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Ethereum’s Ether (ETH) is seeing a rise in its price due to positive Q3 earnings from major US banks, boosting investor confidence. With successful outcomes in the US stock market and potential for a rate cut from the Federal Reserve, the market is experiencing an upswing benefiting stocks and cryptocurrencies alike. However, ETH faces possible selling pressures and potential drop if it falls below the 50-4H EMA support. The positive economic data also hints possibility of the US Federal Reserve slashing interest rates as early as November.

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Hey folks, so Ethereum’s Ether (ETH) is having a good day with a bump in its price, all thanks to some solid Q3 earnings from major U.S. banks. This has given investors a bit of a confidence boost.

In simple words, the price of ETH is following in the footsteps of some good outcomes in the stock market. After smashing records in top U.S. stock market indexes, Ether is not holding back either. The Dow Jones Industrial Average recently spiked by 0.97% to close at a high of around 42,864 points, while the Nasdaq Composite also enjoyed a boost, rising by 0.33% to reach a high of around 18,343 points. The S&P 500 wasn’t too shabby either, gaining 0.61% to close at about 5,815 points. With all these positive vibes, it’s no surprise that Ether is tagging along too.

This wave of confidence was triggered by some heavy hitters in the banking world. Big names like JP Morgan Chase & Co. and Wells Fargo have reported excellent quarterly earnings. The recent inflation data also painted an optimistic picture, giving a hint that the U.S. Federal Reserve could slash interest rates as soon as November.

With all these favorable conditions coupled with the possibility of a rate cut, investors’ expectations are high. Little wonder the market is on the upswing, benefiting both regular stocks and cryptocurrencies like Ether.

Speaking of Ether, it has bounced back after retesting its 50-4H exponential moving average as a support level. On the flip side, ETH is also encountering some selling pressure around its upper trendline of its ongoing symmetrical triangle pattern. If it can break above the resistance of the upper trendline— at around $2,465— then we might see it reaching toward the 200-4H EMA at $2,490 in October.

But like all things, it’s not all sunshines and rainbows. If Ether falls below the 50-4H EMA support, it may take a bit of a nosedive toward the lower trendline of the symmetrical triangle, possibly dropping to around $2,390 in the same timeframe.

Before you go all dive in, remember that this isn’t investment advice. All investments have a degree of risk, and it’s always best to do your own homework before making any decisions.

Source: Cointelegraph