Ethereum ETH Trapped Between the 50 and 100-Day MA

Ethereum is 0.52% lower today at $182.90 as the number two cryptocurrency continues to outperform its crypto peers which most of them as of writing giving up almost one per cent. Ethereum strong rebound from September 26 lows at $153 stalled at the descending trendline which started in September 2019. Sellers tested the $153 lows again on late October and managed to rebound sharply after China’s President Xi’s made surprisingly bullish comments on the future of blockchain technology.

ETHUSD moved nearly 40% higher in less than two trading sessions since the bullish news broke out, but stopped at the 100-day moving average and retreated lower at the 50-day moving average which proved strong support. Ethereum market capitalisation now stands at 20.07 billion with the trading volume reaching 6.90 billion.

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Ethereum Technical Levels

ETHUSD the last four trading sessions found support at the 50-day moving average but meets strong resistance at the 100-day moving average. On the downside, first support for ETHUSD stands at $18.70 daily low, below this level more buying interest might await at 180.96 the 50-day moving average. A break of that level might refuel the bears and will open the way for the major support at $152.

On the upside, first resistance for Ethereum now stands at $184.12 today’s high, a credible close above that resistance level will open the way for a visit at $200 where the ETHUSD stalled late October.More content