Main navigation

Ethereum (ETH) Price Analysis for October 20

Thu, 10/20/2022 - 15:13
article image
Denys Serhiichuk
Can traders expect short-term rise of Ethereum (ETH)?
Ethereum (ETH) Price Analysis for October 20
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Bears seem to not be giving up, even though the rates of some coins are rising.

Top 10 coins by CoinMarketCap


Ethereum (ETH) could not withstand the fall of Bitcoin (BTC), going down by 0.51%.

ETH/USD chart by TradingView

On the hourly chart, Ethereum (ETH) is trading near the local resistance level of $1,295.30. If bulls can hold the gained initiative until the end of the day, one can expect a further rise to the $1,300 mark.

ETH/USD chart by TradingView

On the bigger time frame, Ethereum (ETH) has made a false breakout of yesterday's low at $1,280. While the price is above it, the main altcoin has a chance for a short-term correction.

XRP Price Analysis for October 19

However, traders should consider a quick reversal as ETH does not have enough strength for that. It can only happen if the rate reaches the resistance at $1,338.

ETH/BTC chart by TradingView

Ethereum (ETH) has not yet decided which way to go against Bitcoin (BTC) on the daily time frame. Currently, the price is closer to the support than to the resistance, which means that sellers' pressure remains relevant. If the fall continues, followed by a breakout, it can generate a sharp downward move to the 0.065 mark.

Ethereum is trading at $1,289 at press time.

article image
About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at