Ethereum (ETH) Price Analysis October 20: Could Follow Bitcoin, What Are The Key Levels?

According to the Ethereum analysis of October 20; Ethereum was also affected by the positive mood that came with the opening of the Bitcoin ETF. Having started a fresh rally above $3,820, ETH needs to surpass the $3,900 and $3,950 resistance levels to sustain its rise, according to technical analysis by NewsBTC’s Aayush Jindal:

  • Ethereum started a fresh increase above the $3,800 and $3,820 resistance levels.
  • The price is now trading above $3,800 and the 100 hourly simple moving average.
  • There was a break above a key contracting triangle forming with resistance near $3,820 on the hourly chart of ETH/USD (data from Kraken).
  • The pair could start a fresh rally if it surpasses the key $3,900 resistance zone.

Ethereum Targets More Upside

Ethereum also took advantage of the positive mood that Bitcoin brought with the ETF and started a fresh increase above the $3,750 resistance zone. ETH gained momentum after it broke the $3,800 resistance zone and the 100 hourly simple moving average. There was also a break above a key contracting triangle formation with resistance near $3,820 on the hourly chart of ETH/USD. The pair climbed above $3,880 but failed to continue above $3,920. A local top was formed around $3,900 and it is now consolidating gains. It is now trading above $3,800 and the 100 hourly simple moving average.,

According to Jindal, immediate resistance on the upside is near the $3,880 level. The next major resistance is near the $3,900 level, where the price could start a fresh rally. The next key resistance is near the $3,920 level. Any further gains could increase the chances of a move above the $4,000 level. In the stated case, the price could rally towards the $4,120 level.

Will Ethereum Drop?

According to Jindal, if Ethereum fails to continue higher above the $3,880 and $3,900 resistance levels, it could start a fresh downside correction. Initial support on the downside is near the $3,820 level. This is the 50% Fib retracement level of the rise from the $3,742 high to $3,900 high near the $3,820 level. Any further decline could lead the price towards the $3,780 support and the 100 hourly SMA. The next key support is near $3,750.

What Are Technical Indicators Saying?

  • Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is now above the 50 level.
  • Major Support Level – $3,820
  • Main Resistance Level – $3,900

Note: You have come to the end of the October 20 Ethereum price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.

Leave a Reply

Your email address will not be published. Required fields are marked *