Search ForexCrunch
  • Ethereum (ETH) price seen holding modest gains of just over 1.2% in the session on Friday.
  • ETH/USD must breakdown $200 convincingly and then $200-206 range, for great potential buying pressure.

 

The Ethereum (ETH) price was trading up in the green by 1.2% in the second half of the session on Friday. ETH/USD has been flirting with the psychological $200 area, yet to convincingly make a move above.

In the middle of October, the bears continued to penetrate the big support of $200, which did prove to hold somewhat. From 18th October, through to 29th October, the support held strong, until a breach was seen during early trading on Monday 29th.  

Given the extent of time the above support managed to hold, it wouldn’t be too surprising if this gave the bulls some trouble at getting back through. Should a firm breach to the upside through $200 be observed, then ETH/USD will likely be sucked within the prior 15-day range, from $206-200. A chunky breakout here, could provide some decent buying pressure above and beyond. Support to the downside can be eyed at $195 and then $192.30, 31st October low.

 

ETH/USD 60-minute chart