Ethereum (ETH) Price Analysis for October 11

The prices of most coins are going down today, according to CoinStats.

ETH/USD

The rate of Ethereum (ETH) has dropped by 12.26% over the last day.

On the hourly chart, the price of ETH is far from the support and resistance levels. The volume is low, which means traders are unlikely to witness sharp moves by tomorrow.

On the bigger time frame, one should focus on the daily candle closure in terms of the $3,815 level.

If it happens above that mark, bulls may seize the initiative, which may lead to a bounce back to the $4,000 zone.

From the midterm point of view, sellers are controlling the situation on the market. The volume remains relatively low, confirming the absence of bulls’ and bears’ energy. In this case, sideways trading in the range of $3,600-$4,000 is the more likely scenario.

Ethereum is trading at $3,820 at press time.