Ethereum Price Prediction – October 18

The Ethereum price sits at a crucial support level that could determine where the coin will be heading to in the next negative move.

ETH/USD Market

Key Levels:

Resistance levels: $4300, $4500, $4700

Support levels: $3300, $3100, $2900

Ethereum Price Prediction
ETHUSD – Daily Chart

At the time of writing, ETH/USD follows in the footsteps of the flagship cryptocurrency as the coin is seen dropping towards the 9-day moving average. The Ethereum price failed to create a new high above the resistance level of $4000. However, if there is short-term selling pressure, Ethereum could most likely tackle it and make a comeback at the level mentioned above.

Ethereum Price Prediction: Can Ethereum (ETH) Go Lower?

According to the daily chart, the Ethereum price experiences a slight spike in profit-taking after creating a daily high of nearly $3900. However, the increasing selling pressure therefore brings ETH/USD to touch a new low at $3676. Meanwhile, as long as the red-line of the 9-day moving average holds above the green-line of the 21-day moving average, the Ethereum (ETH) could rebound towards the upper boundary of the channel.

In the meantime, if the buyers manage to maintain the bullish momentum, a slight upward movement could keep the Ethereum price above the 9-day and 21-day moving averages as the coin may likely hit the resistance levels of $4300, $4500, and $4700 respectively. Therefore, a failure to stay above the moving averages could spell trouble for the Ethereum (ETH).

From below, the downswing may trigger a sell-off below the 21-day moving average. As the Relative Strength Index (14) moves to cross below 60-level, it is likely for the Ethereum price to locate the supports at $3300, $3100, and $2900.

When compares with BTC, the last few hours have revealed a breakdown on the long channel after a continuous selling pressure in the market which led to the current trading price at around 6034 SAT. However, this reveals that bears are in control of the market. The Relative Strength Index (14) is now seen below 40-level, revealing the ongoing price drop.

ETHBTC – Daily Chart

When observing the technical indicator, Ethereum signaled a downward movement and with this, sellers can take the market to the support level of 5600 SAT and below. However, if the buyers push the market back above the 9-day and 21-day moving averages, the resistance level of 6600 SAT and above could be touched.

Looking to buy or trade Ethereum (ETH) now? Invest at eToro!

67% of retail investor accounts lose money when trading CFDs with this provider

Read more:

Source link


Please enter your comment!
Please enter your name here