Ethereum (ETH) Price Analysis for October 11

Sellers keep controlling the situation on the cryptocurrency market.

ETH/USD

The rate of Ethereum (ETH) has fallen by 0.28% over the last 24 hours.

On the hourly chart, the rate of Ethereum (ETH) is on its way to testing the local resistance level of $1,545. If buyers cannot seize the initiative today, a breakout may lead to a more profound drop to the $1,500 area soon.

A similar picture can be seen on the bigger time frame, as the price of ETH is approaching the support level of $1,532.

At the moment, there are reversal signals, which means that there is a high chance to see a drop to the $1,450-$1,500 zone shortly.

From the midterm point of view, traders should focus on the level of $1,463. If the false breakout of it happens, one can expect a local rise to the $1,600 range.

Ethereum is trading at $1,559 at press time.

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