Ethereum (ETH) Price Analysis October 19: Continuing to Find Support, What Levels Are Required for Rally?

According to the Ethereum analysis of October 19; Ethereum also continued to find support, similar to Bitcoin, above the $3,650 region. According to technical analysis by NewsBTC’s Aayush Jindal, Ethereum needs to surpass the $3,850 and $3,900 resistances to continue rising in the near term:

Ethereum started a fresh increase above the $3,700 and $3,750 resistance levels.
The price is now trading above $3,800 and the 100 hourly simple moving average.
There is a major contracting triangle forming with resistance near $3,840 on the hourly chart of ETH/USD (data from Kraken).
The pair could start a fresh rally if it surpasses the key $3,920 resistance area.

Ethereum Continues to Find Support

Ethereum continues to find good support, just like Bitcoin. ETH started a downside correction as it failed to stay above the $3,900 zone. ETH settled below the $3,800 support zone and the 100 hourly simple moving average. The price even declined below the $3,750 support zone. A bottom was formed near $3,678 and the price is currently rising. It broke the $3,780 resistance zone. There was a break above the 50% Fib retracement level of the decline from the $3,893 low to $3,678 low.

Ethereum is now trading above $3,800 and the 100 hourly simple moving average. It is currently testing the 61.8% Fib retracement level of the drop from the $3,893 low to $3,678 low. There is also a major contracting triangle forming with resistance near $3,840 on the hourly chart of ETH/USD.

The $3,920 Level Is Important

According to Jindal, immediate resistance on the upside is near the $3,840 level. The next major resistance is near the $3,920 level, where the price could start a fresh rally. In the stated case, the price may attempt a clear break above the $4,000 resistance zone. The next major support is near the $4,120 level.

Will Ethereum Drop?

Jindal says that if Ethereum fails to continue higher above the $3,840 and $3,920 resistance levels, it could start a fresh downside correction. Initial support on the downside is near the $3,780 level and the 100 hourly SMA. Initial key support is now forming near the $3,720 level and the lower triangle trend line. If there is a downside break below the $3,720 support, the price could decline further. The next key support is near $3,650.

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 – $3,720
Main Resistance Level – $3,920

Note: You have come to the end of the October 19 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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