Resistance and support zones for ETH :
Resistance zones: $216, $223, $23
Support zones: $203, $196, $189
ETH Price Analysis for Medium-term: Ranging
ETH is consolidating in its medium-term outlook. Ethereum returned to its previous range bound zone between the resistance zone of $216 and the support zone of $203. Immediately the ETH price headed towards the resistance zone of $216 on October 17, and the bulls did not have enough momentum to push the price above the $216 price level. It was returned by the bears’ pressure to the south which eventually began to consolidate.
Today, the cryptocurrency is fluctuating between the resistance level of $216 and the support level of $203. In case ETH breaks the support level of $203, then it will find its low at the support levels of $196 and $189. In case the bulls defend the price level of $189 and the price bounces back, traders should initiate long trades and stop-loss order below the support zone of $189. Traders can exit the long trade when price reverses or at the resistance zone of $216.
ETH is on the 4-day EMA and 50-day EMA with the two EMAs closed each other, which indicates consolidation is ongoing. However, the RSI 14 is above 40 levels and its signal lines point to the neutral direction, indicating that ranging mode is ongoing.
ETH Price Analysis for Short-term: Ranging
The cryptocurrency is ranging on its 1-Hour chart. The coin broke out from the consolidation bound range. The bulls pushed the coin towards the resistance level of $216. That is how it has been ranging from resistance level of $216 and a support level of $203.
The market is below 4-day EMA and 50-day EMA. The RSI 14 is on the 40 level with signal lines points to the north, indicating that the bulls may take control of the market.