Ethereum- ETH Short Term Positive Momentum Despite Retreat

Fibo Quantum

Ethereum ETH retreats midday snapping three consecutive sessions with gains, giving up 1.67% at $189.95 keeping the short term positive momentum which started since the rebound from the September 26th low at $153. Bears have lost control of the number two cryptocurrency after Ethereum breached the 50-day moving average. ETHUSD has gained 24% since the $153 lows. On the downside, first support for Ethereum stands at 187.30 daily low below this level, next support stands at $180.00 yesterday’s low, while more bids might await at the lows seen on September 26th at $153.

On the upside, immediate resistance for Ethereum now stands at 194.1 today’s high, while more selling pressure will be met at $206.51 at the 100-day moving average. A convincing close above that level will open the way for a visit to the 200-day moving average at $210.86.

Ethereum market capitalisation today stands at 20.49 billion with the trading volume today reaching 9.54 billion. Bitcoin also trades lower today at 8,554 with a market cap at 153.5 billion and Litecoin – LTC trades at 58.15 with a market cap at 3.68 billion. The 100 biggest cryptocurrencies market capitalization now stands at 229.10 billion.