Ethereum (ETH) Daily Price Forecast – October 16

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ETH/USD Medium-term Trend: Ranging

Resistance Levels: $240, $260, $280
Support Levels: $200, $180, $160

Yesterday, October 15, the price of Ethereum had a price rally where the crypto’s price reached the high of $241.08 but price pulled back to the low of $ 216.46. Ethereum was resisted at the $230 price level and that price level had not been broken for about a month.

Price is now fluctuating above the $200 price level. The cryptocurrency is expected to rise  as  price is in the bullish trend zone. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of Ethereum is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.

ETH/USD Short-term Trend: Ranging

On the 1-hour chart, the price of Ethereum is in a sideways trend. The digital currency is fluctuating horizontally above the $200 price level. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.





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