Ethereum Technical Analysis – October 23, 2019

Ethereum slips down against the US Dollar (USD) on Wednesday, decreasing the price to less than 158.0, following some major economic releases. The technical bias might remain bearish because the price marked a higher low in the recent upside move.

Ethereum Technical Analysis

As of this writing, the digital currency is being traded around 157.1, a support is likely to come across around 125.7, the trend line support ahead of 112.8, another trend line support which is anticipated to support the price preventing it from falling below the said level and then 195.1, the major horizontal support as shown in the graph below.

Coming towards the upside, the price may observe a resistance around 181.3, the immediate trend line resistance ahead 228.1, the ley horizontal level and then 298.6, the 23.6% Fib level resistance is likely to resist the price keeping it below 181.3 as shown in the graph above. The technical bias may remain bearish as long as the 196.9, the key horizontal resistance level remains intact.

US Industrial Production Release

The Board of Governors of the Federal Reserve, United States has recently put forward figures concerning Industrial Production. The figure represents the production volume of US industries including the manufacturing sector. The bullish trend is considered as inflationary and may anticipate a rise in interest rates. Generally speaking, higher industrial production generates positive sentiment and anticipates the bullish market for the USD and vice versa.

Conclusion

Considering the price behaviour of the digital currency over the past few days, selling Ethereum around current levels may be a good decision in the short to medium term.