Ethereum (ETH) Price Analysis for October 20

Most of the coins remain under buyers’ pressure, according to CoinStats.

ETH/USD

The price of Ethereum (ETH) has gone up by 1.91% since yesterday.

On the hourly chart, the rate of ETH has made a false breakout of the local resistance of $4,075. However, if the daily bar closes near that mark, one can expect a test of the $4,150-$4,200 area shortly.

On the longer time frame, the price of the main altcoin is going up after a bounce back from the local support of $3,694. However, the rate is in the middle of the channel, which means traders are unlikely to witness sharp moves.

Such a statement is also confirmed by the low volume. All in all, sideways trading in the zone of $3,900-$4,100 is the most likely scenario.

From the midterm point of view, the picture is similar. Neither bulls nor bears have seized the initiative yet, confirming the absence of buyers and sellers’ energy. In this regard, traders are unlikely to witness increased volatility anytime soon.

Ethereum is trading at $4,031 at press time.

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