Ether is struggling to break the 20-day EMA ($1,351). This suggests that the bears will sell on the rallies and attempt to push the price down to the strong support at $1,220. The gradual downtrend of the 20-day EMA and the RSI in the negative territory are indicating an advantage for the bears. Eyes will be on the US September CPI data, due out on October 13th, as it could influence the Fed’s decision on the rate hike at the next November meeting. The asset price is trading low at 3.2% down while the global volume is up by 63.8%.
At the time of writing, ETH was trading at $1,278.
ETH has been consolidating and trading below its 20-day moving average in a range from $1,250 to $1,400. Technically on a daily time frame, the asset was trying to take support at the upsloping trendline. Today it broke the uptrend line on the downside. However, the horizontal trendline at $1,250 will act as strong support. Breakouts on either side of the range will further decide the trend for the asset. If the prices break and close above $1,500 then we can expect it to further rally up to $1,750 and $2,000 levels, whereas a break below $1,250 will lead to further downfall.
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