Ethereum Technical Analysis (ETH) – October 07, 2019

The Ethereum inched higher on Monday, increasing the price to more than 172.0. The price increases after a major economic release concerning earning figures on hourly basis. The technical bias might remain bearish because the price printed a higher low in the recent upside move.

Ethereum (ETH) Technical Analysis

As of this writing, the Ethereum (ETH) is being traded around 172.5, A resistance may be seen around 181.9, the major horizontal resistance. Another resistance may come across around 203.0, the 61.8% Fib level resistance ahead 216.3, the trend line resistance as demonstrated in the given below chart.

Talking about the downside, the price of the digital currency might hit support around 164.1, the trend line support ahead of another trend line support which may come across at 138.4. A major horizontal support stands next around 78.4 as demonstrated in the given above chart. The technical bias may remain bearish as long as 183.6, the key horizontal resistance level remains intact.

United States’ Average Hourly Earnings News

The US Bureau of Labor Statistics released an average hourly earnings news that is expected to impact the market on serious grounds. This news is considered as a significant indicator of inflation with respect to labor cost as well as represents the rigidity of labor markets. It is to be informed that the United States’ Federal Reserve Department pays close attention to the quoted figures while setting interest rates. Generally speaking, a high reading indicates a bullish trend for the digital currency whereas a low reading suggests a downtrend for the same.

Trade Idea

Keeping in view the price behavior of the digital currency over the last couple of days, buying the bitcoin around current levels may prove to be a good decision in short to medium term. Those who wish to take a long position should avoid trading Ethereum these days.