Cryptocurrencies Rebound, Ethereum Jumps Above $165

Ethereum ETH jumps 3.09% higher $165.63 as the bearish short term momentum persists below the 50-day moving average. Ethereum’s rebound from September 26th lows at $153 stalled at the descending trendline which started late September 2019. Bears are in full control of the number two cryptocurrency after ETHUSD breached the support line at $170. Ethereum market capitalisation today stands at 17.81 billion with the trading volume reaching 6.36 billion.

Download our Cryptocurrencies Q4 Outlook Today!

Ethereum Technical Levels to Watch

Ethereum during October capped by the descending trend line which started mid-September. Last week ETHUSD tested the support at $170 zone and started a correction higher but finally, the support breached and ETH slumped down to 153 which proved very strong support. On the upside, immediate resistance for ETHUSD now stands at 166.78 today’s high, while more selling pressure will be met at $177 where the descending trendline crosses before an attempt to regain the 50-day moving average at $182.17. A convincing close above that level will open the way for a visit to the 100-day moving average at $192.15. On the flip side first support for ETH stands at $160.42 daily low, below this level more buying interest might await at the lows seen on September 26th at $153.

Bitcoin also trades higher today at $7,596 with a market cap at 136.41 billion, Bitcoin Cash adds 3.16% at 3.944 and Litecoin – LTC trades at $50.40 with a market cap at 2.49 billion. The 100 biggest cryptocurrencies market capitalization now stands at 207.86 billion.

Don’t miss a beat! Follow us on Telegram and Twitter.