Ethereum (ETH) Price Analysis October 12: Bears Keep Pushing, What Are The Key Levels?

According to the Ethereum analysis of October 12; The leading altcoin Ethereum is also affected by the pressure that comes with the rise of Bitcoin. ETH failed to break the $3,650 resistance and continued to decline. According to technical analysis by NewsBTC’s Aayush Jindal, it could drop below $3,450 in the short term:

  • Ethereum struggled to gain strength above the $3,600 and $3,620 levels.
  • The price is now trading below $3,550 and the 100 hourly simple moving average.
  • There is a key bearish channel forming with resistance near $3,550 on the hourly chart of ETH/USD (data from Kraken).
  • The pair could decline towards $3,350 unless it breaks the $3,550 resistance zone.

Ethereum Faces Barriers

Ethereum, like the rest of the market, continued to be negatively affected by the rise of Bitcoin. It failed to move above the $3,600 pivot level. ETH formed a high near $3,620 and started a downside correction. There was a break below the $3,550 support and the 100 hourly simple moving average. The price even broke the 50% Fib retracement level of the upward move from the $3,375 high to $3,620 high. Ethereum is currently trading below the $3,520 level and it is currently consolidating near the $3,500 level. Initial support on the downside is near the $3,480 level, according to Jindal.

Immediate resistance on the upside is near the $3,635 level and the 100 hourly SMA. The first major resistance is formed near the $3,550 level. There is also a key bearish channel forming with resistance near $3,550 on the hourly chart of ETH/USD. The next major resistance is near the $3,560 level, where the price could start a fresh increase. In the stated case, the price could climb to the $3,620 level. The next key resistance could be $3,650.

Will Ethereum Drop?

Jindal says that if Ethereum fails to continue higher above the $3,550 and $3,560 resistance levels, it could continue its decline. Initial support on the downside is near the $3,480 level. Initial key support is now formed near the $3,450 level. This is near the 61.8% Fib retracement level of the upward move from the $3,375 high to $3,620 high. A downside break could lead the price towards the $3,400 support zone in the near term. Any more losses could push ETH price towards the $3,375 support zone. The next key support could be $3,300.

What Are Technical Indicators Saying?

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,440
Main Resistance Level – $3,550

Note: You have come to the end of the October 12 Ethereum price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

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