Ethereum (ETH) Price Analysis for October 18

The prices of most coins are rising on the first day of the weekend, according to CoinStats.

ETH chart by CoinStatsETH/USD

The rate of Ethereum (ETH) has gone up by 3.49% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of ETH is in the middle of the local channel between the support of $3,819 and the resistance of $3,927.

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As the rate of the main altcoin is far from the main levels, there are no chances to see sharp moves by tomorrow.

On the bigger time frame, the picture is more bearish than bullish. The rate of ETH is closer to the support than to the resistance level. If a breakout of the $3,694 mark happens, the correction is likely to continue to the $3,500 range.

Image by TradingView

From the midterm point of view, neither bulls nor bears are dominating. In this case, traders should focus on the interim zone of $4,000. If a breakout happens, the accumulated energy might be enough for a more profound correction to the $3,000-$3,200 area.

Ethereum is trading at $3,872 at press time.