RATE Group | Ethereum Consolidates Below 50-Day Moving Average
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Ethereum Consolidates Below 50-Day Moving Average

04 Nov Ethereum Consolidates Below 50-Day Moving Average

Posted at 13:56h in Ethereum News by

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Ethereum ETH gives up 0.09% at $181.86 as the bearish short term momentum persists below the 50-day moving average. Ethereum’s strong rebound from September 26 lows at $153 stalled at the descending trendline which started late September 2019. Bears tested the $153 lows again two weeks ago and managed to rebound sharply after China’s President Xi’s made surprisingly positive comments on the future of blockchain technology.

Bitcoin moved nearly 40% higher in less than two trading sessions since the positive news broke out, but stalled at the 100-day moving average and retreated lower at the 50-day moving average. Ethereum market capitalisation today stands at 19.85 billion with the trading volume reaching 8.73 billion.

Ethereum Technical Support and Resistance Levels

Ethereum during October capped by the descending trend line which started mid-September first and then stopped at the 100-day moving average. Last week, ETHUSD tested the support at $153 zone again, which proved…

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