Ethereum/USD Price Analysis Oct.24

[Nikko]

Ethereum has been trading between the 20-day EMA and $188.35 for the past few days. A break down of the immediate support can push the price to the Sept. 12 intraday low of $167.32.

If the bulls succeed in breaking out of the moving averages, a rally to the top of the range is possible. We shall turn positive on the ETH/USD pair if it sustains above $250.

A break out of the range can carry the price to $322, which might act as a stiff resistance. Traders should wait for a confirmed breakout above $250 before initiating any long positions.

Cointelegraph