ETH/USD Vulnerable amid Break Below September Low
ETH/USD takes out the September low ($1532) as it extends the decline from the start of the month.
ETH/USD Outlook
ETH/USD snapped the opening range for October after testing the 50-Day SMA ($1665), and Ethereum may continue to give back the advance from the March low ($1371) if it tracks the negative slope in the moving average.
Need a break/close below the $1431 (50% Fibonacci retracement) to $1453 (78.6% Fibonacci retracement) region to open up the March low ($1371), with the next area of interest coming in around $1240 (78.6% Fibonacci retracement).
At the same time, a move below 30 in the Relative Strength Index (RSI) is likely to be accompanied by a further decline in ETH/USD like the price action from August, but failure to break/close below the $1431 (50% Fibonacci retracement) to $1453 (78.6% Fibonacci retracement) region may keep the oscillator out of oversold territory.
Need a move back above $1565 (50% Fibonacci retracement) for ETH/USD to clear the recent series of lower highs and lows, with breach above $1623 (78.6% Fibonacci retracement) raising the scope for another test of the moving average.
ETH/USD Outlook
ETH/USD snapped the opening range for October after testing the 50-Day SMA ($1665), and Ethereum may continue to give back the advance from the March low ($1371) if it tracks the negative slope in the moving average.
Need a break/close below the $1431 (50% Fibonacci retracement) to $1453 (78.6% Fibonacci retracement) region to open up the March low ($1371), with the next area of interest coming in around $1240 (78.6% Fibonacci retracement).
At the same time, a move below 30 in the Relative Strength Index (RSI) is likely to be accompanied by a further decline in ETH/USD like the price action from August, but failure to break/close below the $1431 (50% Fibonacci retracement) to $1453 (78.6% Fibonacci retracement) region may keep the oscillator out of oversold territory.
Need a move back above $1565 (50% Fibonacci retracement) for ETH/USD to clear the recent series of lower highs and lows, with breach above $1623 (78.6% Fibonacci retracement) raising the scope for another test of the moving average.
Penafian
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