Crypto Update: Ethereum pushing at a continuation?

October 11, 2021
by Joseph Jeffriess, Market Analyst

Hi traders, attention on Ethereum today as price pulled back from session lows and moved back into the positive. Could buyers be pushing at a new continuation?

As noted above, we’re watching ETHUSD as buyers pulled back from a 4% fall and have taken price just over 2% higher. This move, for now, shows plenty of buyer demand and interest. Buyer demand looks firm from 3385. We are also watching support at 3505 and would like to see this level hold for the remainder of today’s session.

Buyers do face some opposition from sellers at 3627. This resistance level stretches back to the September high. Price has forward momentum but remains trapped in a mini range for now. We want to see buyers take the next step with a break of resistance. If we see a close below support that could be seen as a worry and could suggest sellers may look at a new attempt to push price lower.

Ethereum D1 Chart

All times are AEDT.