The post Ethereum (ETH) Price Analysis for October 16 appeared on BitcoinEthereumNews.com. The ongoing fall remains the more likely scenario for the crypto market, according to CoinStats. ETH chart by CoinStats ETH/USD The price of Ethereum (ETH) has declined by 0.09% over the last 24 hours. Image by TradingView On the hourly chart, the rate of ETH is in the middle of the local channel, between the support of $3,979 and the resistance of $4,078. As none of the sides is dominating, there are low chances of seeing sharp moves by tomorrow. Image by TradingView On the longer time frame, neither buyers nor sellers are controlling the situation on the market. In this case, traders should focus on the nearest zone of $4,000.  You Might Also Like If bulls cannot restore the rate above it, the correction may continue to the $3,600-$3,800 range. Image by TradingView From the midterm point of view, buyers are not ready yet to seize the initiative. The price of the main altcoin is far from the resistance level, which means an ongoing drop remains the more likely scenario. Ethereum is trading at $3,997 at press time. Source: https://u.today/ethereum-eth-price-analysis-for-october-16The post Ethereum (ETH) Price Analysis for October 16 appeared on BitcoinEthereumNews.com. The ongoing fall remains the more likely scenario for the crypto market, according to CoinStats. ETH chart by CoinStats ETH/USD The price of Ethereum (ETH) has declined by 0.09% over the last 24 hours. Image by TradingView On the hourly chart, the rate of ETH is in the middle of the local channel, between the support of $3,979 and the resistance of $4,078. As none of the sides is dominating, there are low chances of seeing sharp moves by tomorrow. Image by TradingView On the longer time frame, neither buyers nor sellers are controlling the situation on the market. In this case, traders should focus on the nearest zone of $4,000.  You Might Also Like If bulls cannot restore the rate above it, the correction may continue to the $3,600-$3,800 range. Image by TradingView From the midterm point of view, buyers are not ready yet to seize the initiative. The price of the main altcoin is far from the resistance level, which means an ongoing drop remains the more likely scenario. Ethereum is trading at $3,997 at press time. Source: https://u.today/ethereum-eth-price-analysis-for-october-16