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Ethereum (ETH) Price Analysis for October 10

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Mon, 10/10/2022 - 16:06
Ethereum (ETH) Price Analysis for October 10
Cover image via www.tradingview.com

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The new week has started with ongoing bearish pressure as most of the coins keep trading in the red zone.

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Top coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) has declined by 0.80% over the last 24 hours.

ETH/USD chart by TradingView

On the local chart, Ethereum (ETH) is located in the middle of the channel, which means that one should not expect sharp moves until the end of the day. However, if the rise continues to the resistance level at $1,320, bulls have a chance to seize the initiative.

ETH/USD chart by TradingView

On the daily time frame, the situation remains unclear as none of the sides is dominating at the moment. Such a statement is also confirmed by the low volatility, which means that the more likely scenario is sideways trading in the range of $1,300-$1,350.

ETH/USD chart by TradingView

The situation is also the same on the weekly chart, where the volume keeps going down. All in all, traders should not expect a rise or fall this week as Ethereum (ETH) has not decided yet which way to go.

Ethereum is trading at $1,317 at press time.

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