- Ethereum dives below several key support levels including $170, $150 and 4140.
- The trendline resistance must come if Ethereum bulls want to push the price above $170.
Ethereum reacted in tandem with Bitcoin and other cryptocurrencies on Friday. The pressure on key support areas stayed intact over the weekend. There was an attempted recovery following a low formed at $138. However, the descending trendline resistance was unbreakable leaving $155 untested and unconquered.
The price continues to thin below the trendline even as volatility levels remain high. The prevailing trend is also bearish, although Ethereum bulls are trying to hold onto to the 0.48% upward correction. The crypto market is mixed red and green but there is a high chance that the mantle will remain in the bears’ hands.
Ether is trading below the moving averages whereby the 50 SMA is standing in the way of recovery at $141.73 and the 100 SMA at 155. The RSI is making an attempt to rise above the oversold. Besides, Ethereum is bouncing off the Bollinger Band 1-hour upper curve. If the RSI manages to leave the oversold and sustain recovery towards 50, Ethereum bulls would easily reverse action from Friday pushing the price above $170.
ETH/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Trump-related meme coins rally following high Polymarket odds and endorsement from Elon Musk
Polymarket data on Monday revealed that Donald Trump's odds over Kamala Harris in the presidential race surged to 54%, establishing an 8% lead for the Republican candidate. Following the lead, Trump-based meme coins saw double-digit gains.
Ethereum proposal to boost transaction speed and help DEXs save $100M sparks enthusiasm in community
Ethereum is up slightly by 0.1% on Monday following the appearance of a Doji candle, indicating a potential reversal in price trend. The potential price change follows a new Ethereum Improvement Proposal EIP-7781.
XRP gains amidst rising inflows to Ripple funds, traders digest SEC appeal
Ripple price on Monday is being influenced by the token unlock on October 1, XRP fund flows and sentiment among crypto market participants. XRP gains nearly 2% on the day, the altcoin trades above key support at $0.5200.
Crypto investment products record outflows of $147 million alongside Middle East war tension
Bitcoin is trading around the $63,000 level on Monday as a CoinShares report reveals that crypto investment products recorded outflows totaling $147 million last week, breaking their three-week inflow streak.
Bitcoin: Is BTC sell-off over?
Bitcoin price declined over 6% this week until Friday as the escalation of the conflict between Iran and Israel added fuel to this sell-off. The decline was also supported by falling institutional demand for ETFs. BTC bulls seem to be holding strong at a critical support level.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.