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Ethereum Price Prediction – ETH/USD Makes a Quick Return to $175

ETH Price Prediction – October 20

A few days ago, Ethereum bears put intense pressure on support areas as focus shifts to $175.

ETH/USD Market

Key Levels:

Resistance levels: $190, $200, $210

Support levels: $155, $145 $135

ETHUSD – Daily Chart

Ethereum saw some price decline over the past week and it is currently trading at $175.16. The cryptocurrency continues to be supported at the $171 level but it seems that the bears are adamant to push the coin lower. More so, Ethereum has lost a total of over 20% in this past month, after falling from the high of $225 in September.

In addition, ETH/USD keeps trending in a downward channel formation, trading below the moving averages of 9 and 21 days. Last week Friday, ETH/USD fell from $177.54 to $173.02 and later dropped further to $172. Today, after the opening of the market, the daily price chart shows that ETH/USD also fell from $177.54 to $171.98, where it found short-term support and later bounced up as the bulls managed to push ETH/USD up to $175.16, where it is currently trading.

Moreover, for a backward movement, the market can be supported at $155 and $145 levels, if the price falls below the previous levels, another support is around $135. But should in case the price exceeds the indicated level by moving upward, then, the resistance levels of $190, $200 and $210 may be visited. The stochastic RSI is moving into the oversold zone, which may likely give some bullish signals once there is a reversal.

Against Bitcoin, it was discovered a few days ago that ETH/BTC has been releasing some bearish signals and yesterday the price broke down below the 9-day and 21-day moving averages. Today, the price started falling again and it was shown on the Stochastic RSI as the signal lines are found at the oversold territory, which might be considered as more bearish signs for the market until a reversal occurs.

ETHBTC – Daily Chart

Moreover, the market may continue to decline if the sellers put more pressure on the buyers, the price could come down to the support levels of 0.020 BTC, 0.018 BTC, and 0.016 BTC. Therefore, if there is a reversal, Ethereum price may likely go up as high as 0.023 BTC, 0.025 BTC, and 0.027 BTC.

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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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.