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Ethereum Retreats From Highs, Support at $182


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.

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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.Download our latest quarterly market outlook for our longer-term trade ideas.

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