Ethereum ETH Bulls Look for Entry Above the 100-DAY MA
Ethereum ETHUSD is 1.41% lower today at $186.32 as the number two cryptocurrency outperforms its peers which most of them as of writing they are down over 3%. Ethereum’s strong rebound from September 26 lows at $153 stalled at the descending trendline which started late September 2019. Sellers tested the $153 lows again at October 25th 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 which proved strong support. Ethereum market capitalisation today stands at 20.31 billion with the trading volume reaching 8.45 billion.
Ethereum during October capped by the descending trend line which started mid-September first and when it managed to pierce above the trendline stopped at the 100-day moving average. Today ethereum seesaws around the 100-day moving average. On the downside first support for ETH stands at $184.45 daily low, below this level more buying interest might await at 179.67 the 50-day moving average. Breach of that level might refuel the bears and target the major support at $152.
On the upside, first resistance for ETHUSD now stands at $190.00 today’s high, a convincing close above that level will open the way for a visit at $200 where the ETHUSD stopped late October.
Bitcoin BTC, is under heavy selling pressure today at $8,691.25 with a market cap at 158.84 billion, Litecoin – LTC trades at $62.01 with a market cap at 3.94 billion. The 100 biggest cryptocurrencies market capitalization now stands at 240.34 billion.More content