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Ethereum ETH Puts the $181 Support to the Test

Ethereum ETHUSD

Ethereum ETHUSD gives up 1.46% at $183.52 as the negative short term momentum persists below the 100-day moving average. 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 25 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 20.03 billion with the trading volume reaching 8.45 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 wn it managed to pierce above the trendline stopped at the 100-day moving average. On the downside first support for ETH stands at $182.39 daily low, below this level more buying interest might await at 181.30 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 188.14 today’s high, while more offers will be met at the 100-day moving average at $187.75. A convincing close above that level will open the way for a visit at $200 where the number two crypto stopped late October.

Bitcoin BTC, also trades lower today at $8,990.25 with a market cap at 163.16 billion, Litecoin – LTC trades at $60.28 with a market cap at 3.87 billion. The 100 biggest cryptocurrencies market capitalization now stands at 244.19 billion.More content