According to the Ethereum analysis of October 8; Ethereum stood strong against Bitcoin and remained in positive territory compared to Bitcoin. The price rallied as high as $3,650. ETH is currently correcting and the correction is likely to be limited to $3,500, according to technical analysis by NewsBTC’s Aayush Jindal:
Ethereum started a fresh increase above the $3,600 resistance level.
The price is now trading above $3,500 and the 100 hourly simple moving average.
There was a break below a contracting triangle with support near $3,580 on the hourly chart of ETH/USD (data from Kraken).
As long as the pair is above the $3,500 level, it could start a fresh increase.
Ethereum Continues to Find Support
What are the Levels Required for Ascension?
The first major resistance is near the $3,600 level. The next major resistance is near the $3,650 level, where the price could move higher. In the stated case, the price could likely rally to the $3,700 level. The next key resistance could be $3,800. Any further gains could lead the price towards the $3,880 level.
Will Ethereum Drop?
According to Jindal, Ethereum could decline if it fails to continue higher above the $3,600 and $3,650 resistance levels. Initial support on the downside is near the $3,550 level. Initial key support is now forming near the $3,500 level and the 100 hourly simple moving average. This is close to the 50% Fib retracement level of the upward move from the $3,343 low to $3,652 high. Any more losses could lead Ethereum price towards the $3,450 support zone.
What Are Technical Indicators Saying?
Hourly MACD – The MACD for ETH/USD is moving slowly in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $3,500
Main Resistance Level – $3,650
Note: You have come to the end of the October 8 Ethereum price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.