ETH/USD technical analysis, October 15

15.10.2020 10:22:27

Ethereum started the week with growth, but failed to develop a bullish rally and has been declining for the third day in a row. The pair ETH/USD dropped below the levels of $385 and $375 and is trading in the area of $373 at the time of publication.

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Thus, since October 12, the pair ETH/USD continues to form a downward channel, limited by the levels of $384 and $367. At the same time, the pair ETH/USD dropped below the 100-hour moving average. However, the pair ETH/USD retains a chance to resume growth if the price does not fall below the support level of $370.

In this case, the nearest resistance for the pair ETH/USD will be the level of $382, which is equal to the 61.8% Fibonacci retracement level of the decline from $388 to $373. If the price of Ethereum manages to overcome the resistance level of $382, ​​we can count on continued growth to the area of $388. A successful breakout of this level will provide an opportunity to test the level of $395. But now it is too early to talk about it.

If the pair ETH/USD drops below the current level of $373 and comes close to the $370 mark, there will be a risk of a breakdown of this level down. In case of a breakdown of this level, the bulls will try to stop the bears in the area of $365. If they fail to do this, a decline to the area of $355 is likely.