• Price now trades in a range near resistance level.
• The crypto is in a strong up move.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $290, $300, $310
• Support levels: $110, $100, $80
Ethereum is forming an ascending triangle and looks bullish in its medium-term. However now its facing strong horizontal resistance inside the pattern.
The bears’ increase momentum drops price to $275.59 in the support area, with its wick touching the resistance line as the market opens yesterday.
The cryptocurrency dropped to $254.90 in the support area before the end of yesterday’s session.
Today’s daily opening candle at $265.92 is bearish as the bears remain dominant in the market.
ETHUSD drops further to $261.20 in the support area. Price is below the EMA-9 and the signal of the stochastic oscillator points down at around level 70% suggests a downward momentum in price of the coin within the range in the medium-term.
ETH/USD Short-term Trend: Bullish
The cryptocurrency looks incredibly strong in the short-term outlook. Price now trades in a range above resistance level.
$265.92 in the support area opens today’s 4-hourly session. A reaction from the bears further drops the price of ETHUSD down to $261.20 in the support area as at the time of writing.
With the price breaking the EMA-50 and the stochastic signal pointing downwards at around level 34% in the oversold region implies that the coin is in downward momentum and being in the oversold region indicates the momentum in price may likely change in the days ahead in the short-term.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.
