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ETH Price Prediction – October 31
Ethereum price is currently trading in the red, ETH/USD bulls must break down chunky daily resistance at $195 for greater upside momentum.
ETH/USD Market
Key Levels:
Resistance levels: $198, $208, $218
Support levels: $160, $150, $140
The ETH/USD broke below $183 after an unsuccessful attempt to settle above $185 handle during early Asian hours. As at the time of writing, ETH/USD is changing hands at $181.04, down 1.36% both on a day-to-day basis and since the beginning of the day. The bulls have so far been hit within rejection at the major barrier is eyed at $195, tracking at the potential neckline of a daily double bottom.
On the daily chart, the initial support is created above the 9-day moving average at $178.48. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $175 level. If this support level goes way, the downside momentum might start snowballing and the next bearish target awaits at $165. It is flowed by the lower line of the channel and the closest supports to keep an eye on are $160, $150, and potentially $140. In addition, stochastic RSI has nosedive sharply due to the current bearish action in the market.
On the upside, the recovery is capped by the moving average on the daily chart currently at $191. However, the bulls need to clear psychological $185 before they get to the upper side of the channel and proceed to the intraday high of $194. We will need to see a sustainable move above this handle for the extended recovery towards the resistance of $198, $208 and $218 levels.
Against Bitcoin, Ethereum has clearly experienced difficulties, especially in the past few weeks, against Bitcoin. Ethereum recently broke under solid support at 0.020 BTC and continued to fall through subsequent support level to 0.019 BTC. The critical support level is 0.0185 BTC and below.
However, if the bulls manage to power the market, we may soon find the resistance level at 0.0215 BTC and above. However, Ethereum is currently consolidating and moving sideways on the medium-term outlook. We can expect a surge in volatility to occur as the stochastic RSI is recovering from the oversold.
Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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