Resistance Levels: $240, $260, $280
Support Levels: $200, $180, $160

Yesterday, October 16, the price of Ethereum was in a sideways trend. There has been no significant price movement in the last 24 hours. The digital currency is fluctuating horizontally with the exponentials moving averages(EMAs). The crypto's price is fluctuating above the $200 price level which is the major support level.

As the market is in a range bound movement there is the possibility of an impending price breakout. However, trading is not recommended as the market is consolidating for a possible change in the market trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of Ethereum is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.

On the 1-hour chart, the price of Ethereum is in a sideways trend. The digital currency is in the bullish trend zone as price is likely to rise. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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