ETH Price Analysis – October 23
Ethereum opened with a downtrend as the market begins today. The coin recently experienced a heavy pullback in price due to market pressure.
Resistance levels: $180, $185, $190
Support levels: $145, $140, $135
Today, the crypto market has gone red once more after a measurable recovery over the past few days, especially the Ethereum (ETH) market that is showing a sign of weakness in price in intraday trading. Since October 11, the $200 price level has proven difficult for the buyers, and now, the market is looking bearish while the price is facing lower levels.
The daily price is trending below the 21-day moving average within the descending channel. The bulls will have to move the market above the mentioned moving average to reach the resistance levels of $180, $185 and $190. Meanwhile, the support levels to watch are $145, $140 and $135 respectively.
The moving average convergence/divergence (MACD) on the chart shows some bearish sessions as the trading volumes are on the negative side, indicating more downtrends.
Looking at the daily chart against Bitcoin has shown some positive move a few weeks ago before the current price drop; Ethereum’s bulls may regain recovery after retesting the long-term support level 0.0207 BTC, below the lower boundary of the channel. If the mentioned support level fails to act as a reversal point, ETH may break lower to create a new low.
Meanwhile, a continuation of the downtrend could hit the main support at 0.0205 BTC before falling to 0.0200 BTC and below, while the buyers could probably push the market to critical potential resistance at 0.0225 BTC and above. The stochastic RSI has recently entered into the oversold territory. The bulls will soon regain control of the market once the technical indicator moves out of the oversold zone.
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