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Ethereum Price Prediction: ETH/USD Slides Under $4000 Level

Ethereum Price Prediction
Ethereum Price Prediction

Ethereum Price Prediction – October 22

The Ethereum price is likely to approach the crucial support level as the coin may need the support of $3800 to rise to $4500.

ETH/USD Market

Key Levels:

Resistance levels: $4500, $4700, $4900

Support levels: $3500, $3300, $3100

Ethereum Price Prediction
ETHUSD – Daily Chart

At the moment, ETH/USD is facing another price decline as it is currently trading at $3984. The cryptocurrency continues to be supported at the $3800 level but it seems that the bears are adamant to push the coin lower as it is losing around 1.74% within 24 hours.

Ethereum Price Prediction: Ethereum Price May Drop More

The Ethereum price is likely to drop below the 9-day moving average, the immediate upside is limited by the 9-day moving average currently at $3984. Marginally below this, the daily low at $3900 may continue to give the buyers sleepless nights. However, a break below this level could most likely give ETH/USD a fall below $3700 before reaching the critical supports at $3500, $3300, and $3100.

Furthermore, the Relative Strength Index (14) confirms the bearish movement as the signal line may slide below the 60-level. However, until the market finds a stable level to reinforce the uptrend, ETH/USD can continue the downtrend. Otherwise, the resistance level might be at $4200 while other resistance levels are at $4500, $4700, and $4900 respectively.

When compares with Bitcoin, as the red-line of the 9-day MA is likely to cross above the green-line of the 21-day MA, this simply means that the Litecoin price may focus on the uptrend within the channel. More so, ETH/BTC is currently trading at 6554 SAT and if the market price breaks above the 9-day and 21-day moving averages, the next key resistance may be at 7000 SAT and above.

ETHBTC – Daily Chart

On the downside, a possible bearish movement below the channel may likely come into play if the coin falls below moving averages, once this is done, the support level of 6000 SAT and below could be visited. Meanwhile, the market may likely have a bearish day if the technical indicator Relative Strength Index (14) nosedives below 50-level, which could indicate a bearish movement.

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