Ethereum (ETH) Price Analysis October 13: Key Support Holds, What Triggers a Rally?

According to the 13 October, Ethereum analysis; Leading altcoin Ethereum continues to trade in a range. On the other hand, ETH managed to stay above the $3,400 support zone. According to technical analysis by NewsBTC’s Aayush Jindal, it needs to surpass $3,540 to start a new rally in the short term:

Ethereum remained well supported above the $3,400 and $3,380 levels.
The price is now trading near $3,520 and the 100 hourly simple moving average.
There is a major bearish channel forming with resistance near $3,520 on the hourly chart of ETH/USD (data from Kraken).
If there is a clear break above $3,540 and $3,550, the pair could start a fresh rally.

Ethereum Could Turn Green

Ethereum continues to trade within a certain range. ETH started a fresh decline from the $3,600 resistance zone and traded below the $3,500 support and the 100 hourly simple moving average. However, the bulls remained active near the $3,400 level. A bottom was formed near $3,405 and the price is currently rising. ETH price is currently trading above the $3,450 level. There was a break above the 23.6% Fib retracement level of the downward move from the $3,620 low to $3,405 high.

ETH is now trading near $3,520 and the 100 hourly simple moving average. There is also a major bearish channel forming with resistance near $3,520 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the downward move from the $3,620 high to $3,405 low. According to Jindal, if there is a clear break above the channel resistance, the price could start a fresh increase above the $3,540 level. The next major resistance is near the $3,540 level, where the price could start a fresh increase. In the stated case, the price could climb to the $3,620 level.

Will Ethereum Drop?

Jindal says if Ethereum fails to continue higher above the $3,520 and $3,540 resistance levels, it could start a fresh decline. Initial support on the downside is near the $3,450 level. Initial key support is currently formed near the $3,400 level. If there is a downside break below the $3,400 and $3,380 support levels, the price could decline further. The next key support is near $3,375. Any more losses could push ETH price towards the $3,300 support zone.

What Are Technical Indicators Saying?

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,450
Main Resistance Level – $3,520

Note: You have come to the end of the October 13 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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