ETH/USD Long-term Trend: Bearish
Resistance Levels: $350, $370, $390
Support Levels: $180, $160, $140
Last month of September, the price of Ethereum had been on a range bound movement. In September, Ethereum had an opening balance of $282.80 but fell to the low of $196.60. Later it commenced a range bound movement all through the month to close at a price of $228.62. In the month of October, Ethereum was in a range bound movement for ten days before the bearish trend.
Ethereum is currently trading at $199.78 as at the time of writing. Price is expected to rise as the digital currency has reached the oversold region.
Meanwhile, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The Relative Strength Index period 14 is level 34 which indicates that the market is oversold signaling bears’ exhaustion and suggesting bulls to take control of the market.
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