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
Ethereum 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.
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