Ethereum (ETH) Price Analysis for October 16

The ongoing fall remains the more likely scenario for the crypto market, according to CoinStats.

ETH/USD

The price of Ethereum (ETH) has declined by 0.09% over the last 24 hours.

On the hourly chart, the rate of ETH is in the middle of the local channel, between the support of $3,979 and the resistance of $4,078. As none of the sides is dominating, there are low chances of seeing sharp moves by tomorrow.

On the longer time frame, neither buyers nor sellers are controlling the situation on the market. In this case, traders should focus on the nearest zone of $4,000.

If bulls cannot restore the rate above it, the correction may continue to the $3,600-$3,800 range.

From the midterm point of view, buyers are not ready yet to seize the initiative. The price of the main altcoin is far from the resistance level, which means an ongoing drop remains the more likely scenario.

Ethereum is trading at $3,997 at press time.

Source