Ethereum price forecast for next 7days: ETH price gains support

The queen of cryptocurrency Ethereum (ETH) has been holding strong this past week and Ethereum price is up by over six and a half percent (6.67%) since the 7th of October 2019.

Ethereum price commenced the week with a rising push towards one hundred and seventy-five dollars ($175) but by the 9th of October, Ethereum price broke into the one hundred and ninety dollars ($192) range.

ETH price chart showed that the currency was trading above 100 simple moving average (SMA) before it came down to the one hundred and eighty dollars price range.

ethereum price chart 1-13 october 2019Ethereum price chart by Trading View

On the Fibaconni retracements, ETH price stood below the fifty percent (50%) mark during the six percent rise (6.67%) rise in the price. The price took the leap from one hundred and sixty-seven dollars ($167) to the one hundred and ninety-eight dollars ($198) mark.

Ethereum price movement: What to expect?

Ethereum price is going through slight correction towards the one hundred and eighty dollars ($182) mark while a bullish pattern is forming on the ETH price charts.

At the moment, the ETH price is consolidating near the one hundred and eighty dollars ($180) support, and at the 100 SMA.

Whereas, over sixty-one percent (61.8%) Fib retracement level that occurred during the last ETH price boost to one hundred and ninety-eight dollars ($198) high is also protecting losses.

If Ethereum price takes a downside movement below the one hundred and eighty dollars ($180) support level, ETH price may as well fall to one hundred and seventy-five dollars ($175) range.

While on the other hand, if the price charts show that the first level resistance towards the two hundred dollars ($200) mark is at one hundred and eighty-five dollars ($185). Another important resistance point before the golden milestone stands at one hundred and ninety dollars ($190) mar.

Price charts indicate that the ETH price is struggling to remain in an uptrend above the one hundred and eighty dollars ($180) support area. In the short term, there could be a downside spike towards the one hundred and seventy-five dollars ($175) support area.

However, as long as the price is above the one hundred and seventy-five dollars ($175) support, it could bounce back.

Post Author: Sitoski

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