Ethereum, the undisputed ruler of the altcoin market, is now stuck in a bear market as the token struggles to break the $1,300 resistance level. However, the current market price is $1,302.87, only 0.22 percent more than the key psychological buy point. Despite how good this sounds, the way the market is moving right now, the bear market is likely to continue this month, which is not good news for ETH. The possibilities of a bear market recovery for ETH are slim due to the terrible state of the macroeconomy, according to The Guardian. In this year’s much-hyped “Uptober,” the token is probably going to experience even more misery than usual. However, what do the graphs show? Related Reading: NEAR Platform Active Users Soar – ‘Sweat Economy’ Boosting Token’s Price? Trading In A Tight Band At the time of writing, the altcoin was expected to trade in a narrow band. Before that, however, the price of ETH has fluctuated over the past 25 days between $1,188 and $1,411. Since this coincides with when the Federal Reserve hiked interest rates, it demonstrates especially tumultuous market conditions at the time. As previously indicated, Ether is presently following a pennant formation. This pattern is a bearish sign that matches the preceding price action. The price has decreased to $1,300.35, where we anticipate a significant price movement on or near the price level. Chart: TradingView With the current sideways market...
