Ethereum Capped by the Descending Trendline at $180

Ethereum ETH trades higher ahead of the US trading session adding 0.66% at $176.78 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 still in control of the number two cryptocurrency after ETHUSD breached below the 50-day moving average. Ethereum market capitalisation today stands at 19.16 billion with the trading volume reaching 6.87 billion.

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Ethereum Support and Resistance Levels

Last week ETHUSD tested the support at $170 zone and started a correction higher.     On the downside, first support for ETH stands at 173.42 daily low, below this level more buying interest might await at the lows seen on September 26th at $153. On the flip side, immediate resistance for Ethereum now stands at 178.19 today’s high, while more selling pressure will be met at $183.16 at the 50-day moving average. A convincing close above that level will open the way for a visit to the 100-day moving average at $194.22.

Bitcoin also trades higher today at $8,236 with a market cap at 148.83 billion and Litecoin – LTC trades at $55.19 with a market cap at 3.50 billion. The 100 biggest cryptocurrencies market capitalization now stands at 223.94 billion.Download our latest quarterly market outlook for our longer-term trade ideas.

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