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Ethereum Price Prediction: ETH/USD Retests $3400 Low

Published on

October 12, 2021

Ethereum Price Prediction – October 12

The Ethereum price is now surging from $3542 to $3403 within 24 hours but it may trade below $3400 in the next negative moves.

ETH/USD Market

Key Levels:
Resistance levels: $4000, $4200, $4400
Support levels: $3000, $2800, $2600

At the time of writing, ETH/USD is facing a small price decline and it is currently trading at $3493. The cryptocurrency continues to be supported at the $3400 level but it seems that the bears are adamant to push the coin lower as it is losing around 1.44% within 24 hours.

Ethereum Price Prediction: Ethereum (ETH) May Consolidate Below $3500 Level

At the time of writing, the Ethereum price is trending in red within the channel, trading below the 9-day and 21-day moving averages. As the market opens today, the daily price chart shows that ETH/USD falls below the 9-day moving average, where it found short-term support and now bouncing back above $3400, where it is currently trading at $3490.

However, for a continuous bearish movement, the market can be supported at $3300 and $3200 levels, if the price falls below these levels; other supports may be located at $3000, $2800, and $2600. On the contrary, if the market price exceeds the resistance level of $3700 by moving towards the upper boundary of the channel, the resistance levels of $4000, $4200, and $4400 may be reached. In the meantime, the technical indicator Relative Strength Index (14) moves to cross below 55-level, which could introduce more bearish signals into the market.

When compares with Bitcoin, the market price remained at the downside as the bears are trying to bring the price below the lower boundary of the channel. At the time of writing, ETH/BTC is trading at 6282 SAT and the bulls are trying to push it back towards the 9-day moving average. As revealed by the daily chart, if the market continues to drop, the next key support may likely be at 5600 and below.

However, on the upside, a possible bullish movement may likely push the market towards the moving averages, as soon as this is done, the resistance level of 6700 SAT and above could be visited. Therefore the technical indicator Relative Strength Index (14) may cross above 40-level if the buying pressure increases and this could suggest that the market may face the north.

Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : October 12, 2021

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