ETHEREUM Aiming for the next resistance at 225.ETHUSD is extending the Channel Up on the 1D chart since December 2019 low. Currently it is attempting a break out above the 199 Resistance.
Levels to watch:
- The Resistance is at 225.00 while the Support at 153.50.
- The former 199.00 Resistance is being tested at the moment.
- The MA50 is now on the 153.50 Support.
- The price is above the MA200 for the first time since September 2019.
Projection:
- Even though it is still marginal, the break above the 199.00 level is a call for further upside within the Channel Up. The 225.00 Resistance fits well with a new Higher High. Also the extension from the latest Higher Low will be 45%, similar to the last Higher High extension.
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Ethereumtrading
ETH (Ethereum) followed the general market trendThe ether started trading on Monday, October 21 by moving up to $178 during intraday. Buyers, however, could not hold to their gains and dropped back down to $174 without being able to escape from the downtrend channel.
On Tuesday, October 22, it lost another 1.7 percent and fell even lower to $171.
We found the ETH/USD pair breaking both $170 and $165 supports on Wednesday, October 23 as the Facebook Libra hearings heavily impacted the whole cryptocurrency market. The ETH coin lost 5.2 percent and closed the day at $162. Bears were even able to push price down to $153 at some point during the session.
The last time ETH was trading this low was in April 2019. The $152-150 zone looks like solid support and was already defended twice in September