Ethereum (ETH) Price Analysis for October 13

The cryptocurrency market might have found a local deep as most of the coins are in the green zone again.

ETH/USD

The rate of Ethereum (ETH) has increased by 0.18% over the last 24 hours.

On the hourly chart, the price of ETH has made a false breakout of the local resistance level of $1,552.9.

If the decline continues, there is a high chance to see a test of the support of $1,537.4 by tomorrow.

Sellers are also more powerful on the daily time frame. If the bar closes near the support level, traders are likely to see a breakout, followed by a blast to the $1,500 zone and below.

On the weekly chart, one should focus on the bar closure in terms of the nearest support of $1,531. If a bounce back does not happen and a breakout happens, one can expect a further decline to the $1,463 level.

Ethereum is trading at $1,542 at press time.

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