Ethereum Consolidates Below 50-Day Moving Average

Ethereum ETH gives up 0.09% at $181.86 as the bearish short term momentum persists below the 50-day moving average. Ethereum’s strong rebound from September 26 lows at $153 stalled at the descending trendline which started late September 2019. Bears tested the $153 lows again two weeks ago and managed to rebound sharply after China’s President Xi’s made surprisingly positive comments on the future of blockchain technology.

Bitcoin moved nearly 40% higher in less than two trading sessions since the positive news broke out, but stalled at the 100-day moving average and retreated lower at the 50-day moving average. Ethereum market capitalisation today stands at 19.85 billion with the trading volume reaching 8.73 billion.

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Ethereum Technical Support and Resistance Levels

Ethereum during October capped by the descending trend line which started mid-September first and then stopped at the 100-day moving average. Last week, ETHUSD tested the support at $153 zone again, which proved very strong support and jumped higher breaching the descending trendline and the 50-day moving average. On the upside, first resistance for ETHUSD now stands at 182.18 today’s top, while more selling pressure will be met at the 100-day moving average at $188.72. A convincing close above that level will open the way for a visit at $200 where the number two crypto stopped the previous week. On the downside first support for ETH stands at $180.42 daily low, below this level more buying interest might await at the lows seen at $153.

Bitcoin also trades lower today at $9,186.25 with a market cap at 166.23 billion, Litecoin – LTC trades at $59.06 with a market cap at 3.76 billion. The 100 biggest cryptocurrencies market capitalization now stands at 246.97 billion.

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Ethereum Consolidates Below 50-Day Moving Average
Ethereum Consolidates Below 50-Day Moving Average

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