Ethereum’s Ether (ETH) token price is rising today, helped by robust Q3 earnings from major United States banks that have increased investors’ short-term risk appetite.
Ether price mirrors stock market gains
Today’s Ether gains appear after a record session across the top US stock market indexes.
On Oct. 11, the Dow Jones Industrial Average jumped 0.97% to close at a record high of around 42,864 points. Meanwhile, the Nasdaq Composite also saw positive movement, rising 0.33% to finish at a record high of around 18,343 points.
The S&P 500 gained 0.61%, ending at around 5,815 points. Ether tailed the broader risk sentiment to the upside.
The rally in risk assets appeared after major US banks, including JP Morgan Chase & Co. and Wells Fargo, posted robust quarterly earnings. Additionally, the latest inflation data stoked optimism that the US Federal Reserve could cut interest rates as soon as November.
Investors’ growing expectations for a rate cut, coupled with strong earnings, have reinvigorated the market’s upside sentiment, fueling gains in both traditional equities and cryptocurrencies like Ether.
ETH holds above key trendline
Ether’s price rise today further appears after retesting its 50-4H exponential moving average (50-4H EMA; the red wave in the chart below) as support.
At the same time, ETH is facing selling pressure around the upper trendline of its prevailing symmetrical triangle pattern. A break above the upper trendline resistance—at around $2,465—could take Ether price toward the 200-4H EMA (the blue wave) at $2,490 by October.
Related: SEC again delays decision on spot Ethereum ETF options
On the downside, if Ether breaks below the 50-4H EMA support, it risks a deeper decline toward the lower trendline of the symmetrical triangle, potentially targeting around $2,390 in the same timeframe.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
