Ethereum Price Is Still Likely to Remain Under Selling Pressure

Ethereum price is still likely to remain under bearish pressure in the market. The price action has made about a 4% drop this week as the bears caused a huge difference. However, the price was seen trying to make a recovery from its volatile pace as a result of the positive influence of the pound sterling and cable movement over the last few days.

The speculation that the BoE might want to extend its bond interventions to stabilize the UK bond market is taking its toll on the market. ETH will be under pressure at the risk of the collapse of the UK bond market, which holds tons of billions in pension funds.

Key Ethereum Levels To Watch — October 13

The sellers have been more attracted to pushing lower beyond the $1249.60 key zone. The selling force has been quite dominant for a while, and this will give them more advantages to go lower. It would take a tremendous effort for the bulls to change the market direction from bearish to bullish during these times. The buyers tried to hold price influence back as of yesterday, but sell traders have resumed trade following the opening of today’s market. The Stochastic Oscillator shows a selling moment for the price to trade lower in the ETHUSD market.

With the selling force still in control, traders are still open to price action because the Parabolic SAR (Stop and Reverse) indicator remains bearish.

Ethereum Key Levels

Resistance Levels: $1556.20, $2338.30, 3374.00
Support Levels: $1249.60, $997.10 $, 850.00

Total Market Capitalization: $152.64B
Ethereum Market Capitalization: $152.6B
Ethereum Volume: $10.81B
Market Rank: #2

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