Ethereum ETH gives up 0.91% at $182.74 as the bullish short term momentum persists above the 50-day moving average. Ethereum’s rebound from September 26 lows at $153 stalled at the descending trendline which started late September 2019. Bears tested the $153 lows again last week but managed to rebound sharply after Chinese President Xi’s made surprisingly positive comments on the future of blockchain technology. BTCUSD moved nearly 40% higher in less than 48 hours since the news broke out. Ethereum market capitalisation today stands at 19.88 billion with the trading volume reaching 11.84 billion.
Ethereum Support and Resistance
Ethereum during October capped by the descending trend line which started mid-September. Last week ETHUSD tested the support at $153 zone which proved very strong support and jumped higher breaching the descending trendline and the 50-day moving average. On the upside, immediate resistance for ETHUSD now stands at 188.91 today’s high, while more selling pressure will be met at the 100-day moving average at $182.17. A convincing close above that level will open the way for a visit at $200 where the crypto stopped last Thursday. On the flip side first support for ETH stands at $181.17 daily low, below this level more buying interest might await at the lows seen at $153.
Bitcoin also trades lower today at $9,343 with a market cap at 168.65 billion, Litecoin – LTC trades at $58.06 with a market cap at 3.71 billion. The 100 biggest cryptocurrencies market capitalization now stands at 248.76 billion.