Cryptocurrency Price Analysis: Ethereum

Learn about how the Ethereum price changed from last week with from the Cryptocurrency Price Analysis. Read our analysis on trends and behavior.

ETH Price

Ethereum has descended to $216 this past week in its lowest point, than has made slight fluctuations between the $216 and $230 range. The highest move of the week was at approximately $227.

Key Motions Of The Ethereum Price

  • The price of Ethereum has slightly declined from its $230 peak during last week’s high.
  • The current ETH price is trading in above the broad range of $220 support against the USD.
  • Ethereum’s lowest price point of the week was on October 3rd, during which it dipped to $216.
  • ETH possesses a short-term bearish trend line, with a resistance of $225 via the hourly chart of ETH/USD.
  • The ETH/USD pair must clear 3 resistance levels for a consistent rise. The levels are: $225, $228 and $230.

A Deeper Price Analysis

ETH graphEthereum has remained above critical supports against both the USD and Bitcoin during this past week. The ETH/USD pairing is heading towards more gains above its $214 trend support.

There is a channel of ascension created by a $222 support on a four hour chart. Based on current trends, the USD/ETH pair may drop to the support levels of $214 and $210.

The past week has seen fairly negligible moves, all of which were above the $210 support in ETH against the US Dollar.

Although the ETH/USD pair had higher trading above the $220 and $224 levels, it couldn’t support these gains.

There was a break in the upside, which had a price above $227 and the 100 simple moving average (through 4 hours).

The ETH price traded above the 50% Fib retracement level from the $240 high to $213 low of the last descent.

Contrarily, the ascending move was protected in its zone of $229-230. The 61.8% Fib retracement level of the last descent from a high of $240 to a low of $213 acted as a resistance.

The price has slowly declined in the past several days, as it is currently trading below the $227 level and the 100 SMA.

An ascending channel is forged with the support of $222 on the 4-hour chart of ETH/USD. The price may lower towards the $220 and $214 support levels if there is a downside break below the support channel.

ETH has an hourly MACD rearing into the bullish zone. The hourly RSI is above the 50 level. The major support level stands at $220, while the major resistance level is at $226.

As long as the price stays above the $214 level, there is a plausibility of an upside move. If such is true, the price will likely move past the $225-$226 resistance zone.

Interested to learn more about the price of Ethereum and other cryptocurrencies? Check out our news site for all things crypto, blockchain and fintech.

Summary
Cryptocurrency Price Analysis: Ethereum
Article Name
Cryptocurrency Price Analysis: Ethereum
Description
Learn about how the Ethereum price changed from last week with from the Cryptocurrency Price Analysis. Read our analysis on trends and behavior.
Author
Publisher Name
Ibinex News
Publisher Logo

Related Cryptocurrency News