- Summary:
- Ethereum ETH crushes ahead of the US trading session giving up 6.42% at $160.29 as the bearish short term momentum gains traction below the 50-day
Ethereum ETH crushes ahead of the US trading session giving up 6.42% at $160.29 as the bearish short term momentum gains traction below the 50-day moving average. Ethereum’s rebound from September 26th lows at $153 stalled at the descending trendline which started late September 2019. Bears are in full control of the number two cryptocurrency after ETHUSD breached the support line at $170. Ethereum market capitalisation today stands at 17.72 billion with the trading volume reaching 7.76 billion.
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[vc_single_image image=”14654″ img_size=”medium” alignment=”center” style=”vc_box_rounded” onclick=”custom_link” img_link_target=”_blank” link=”https://news.investingcube.com/q4-global-market-outlook-eurusd-gold-crude-oil-bitcoin-sp-500/”]Ethereum Support and Resistance
Ethereum during October capped by the descending trend line which started mid-September. Last week ETHUSD tested the support at $170 zone and started a correction higher but today that is not the case. On the downside where traders attention turns, first support for ETH stands at 155.98 daily low, below this level more buying interest might await at the lows seen on September 26th at $153. On the flip side, immediate resistance for Ethereum now stands at 171.53 today’s high, while more selling pressure will be met at $177 where the descending trendline crosses before an attempt to regain the 50-day moving average. A convincing close above that level will open the way for a visit to the 100-day moving average at $194.22.
Bitcoin also crushes today at $7,731 with a market cap at 139.22 billion, Bitcoin Cash is giving up 6.88% at 3.88 and Litecoin – LTC trades at $50.25 with a market cap at 3.19 billion. The 100 biggest cryptocurrencies market capitalization now stands at 210.19 billion.