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Ethereum ETH Bulls Look for Entry Above the 100-DAY MA

Ethereum ETHUSD
Ethereum ETH

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.

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Ethereum Technical Levels

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