RATE Group | Ethereum Price Weekly Forecast: ETH Holding Important Support
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Ethereum Price Weekly Forecast: ETH Holding Important Support

13 Oct Ethereum Price Weekly Forecast: ETH Holding Important Support

Posted at 06:29h in Ethereum News by

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  • ETH price started a sharp downside correction after trading as high as $198 against the US Dollar.
  • The price is currently holding an important support area near the $180 level.
  • There was a break below a major bullish trend line with support near $188 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair could extend its decline towards the $175 support area before a fresh increase.

Ethereum price is struggling to retain its bullish bias against the US Dollar and bitcoin. ETH is likely to bounce back as long as it is above $175 and $180.

Ethereum Price Weekly Analysis

This past week, ETH started a strong rise above the $175 resistance against the US Dollar. Moreover, the pair broke the key $185 resistance area and settled above the 100 simple moving average (4-hours). It opened the doors for more gains above the $190 resistance. Finally, the price traded close to the $200 level and a new monthly high was formed near the $198 level.

Later, there was a sharp decline in Ethereum…

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