FX.co ★ Ethereum analysis for October 17th, 2022.

Red lines- bearish channel

green lines- trading range

Ethereum is trading around $1,314. Price continues to respect on a daily closing basis the key horizontal support of $1,270. Price continues to move sideways since mid September inside the trading range of $1,270-$1,400. Ethereum remains vulnerable to the downside since it still inside the red downward sloping channel. The market has remained stable over the last few weeks with no clear direction. Traders better remain patient and wait for a break below $1,270 or above $1,400 in order to act. Aggressive traders will look to buy near key support of $1,270 and sell near resistance of $1,400.