E Point Perfect – Interesting and beneficial content

Ethereum (ETH) Price Analysis for October 20


Bears seem to not be giving up, even though the rates of some coins are rising.

Top 10 coins by CoinMarketCap


Ethereum (ETH) could not withstand the fall of Bitcoin (BTC), going down by 0.51%.

ETH/USD chart by TradingView

On the hourly chart, Ethereum (ETH) is trading near the local resistance level of $1,295.30. If bulls can hold the gained initiative until the end of the day, one can expect a further rise to the $1,300 mark.

ETH/USD chart by TradingView

On the bigger time frame, Ethereum (ETH) has made a false breakout of yesterday’s low at $1,280. While the price is above it, the main altcoin has a chance for a short-term correction.

However, traders should consider a quick reversal as ETH does not have enough strength for that. It can only happen if the rate reaches the resistance at $1,338.

ETH/BTC chart by TradingView

Ethereum (ETH) has not yet decided which way to go against Bitcoin (BTC) on the daily time frame. Currently, the price is closer to the support than to the resistance, which means that sellers’ pressure remains relevant. If the fall continues, followed by a breakout, it can generate a sharp downward move to the 0.065 mark.

Ethereum is trading at $1,289 at press time.


Source link

Related posts

Cardano DEX TVL up by 565,000% Just Days After Launch

Gala (GALA) Surges 60% on Big News; Here’s What to Know

“Black Swan” Author Explains Why There’s Crypto Crisis

Morningstar Ventures Opens 37xDubai, NFT Art Gallery in Central Dubai

SHIB Better Make Comeback During Next Bull Run: David Gokhshtein

Hundreds of Millions of XRP Moved from Binance, Here’s What Happened Here