• Bulls remain dominant in the market.
• Traders may consider buying with bullish reversal candlestick pattern as confirmation.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $280.00, $290.00, $300.00
• Support levels: $110.00, $100.00, $80.00
Ethereum (ETHUSD) continues in a bullish trend zone in its medium-term outlook. The formation of a doji candle at $265.54 in the upper resistance area shortly after yesterday’s opening suggests the bull’s return. ETHUSD further rose to $276.02 in the resistance area before the end of yesterday’s session.
Today’s daily candle at $268.18 opens on a bearish note in the resistance area within the range.
Price of the crypto drops further to $260.24 in the support area due to bears’ gradual return.
Price is above the two EMAs, indicates the coin is in an uptrend. Meanwhile, the stochastic oscillator signal pointing down at around level 91% in the overbought region is an indication of a downward trend in price and a change in trend may likely occur in the days ahead in the medium-term perspective.
ETH/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The bullish pressure was weakened at $ 262.14 in the support area as bears resumed the downtrend trend yesterday.
Today’s 4-hourly candle at $268.16 opens on a bearish note at the support area. Reactions from the sellers further drop the coin to $260.24 in the support area.
Price is initially up at $268.32 in the resistance area due to the gradual returns of the bulls.
Price is above the two EMAs implies that the momentum in price of the crypto is in an uptrend, with the stochastic oscillator pointing downwards at around level 69% in the overbought region suggests the price of Litecoin may likely encounter a change in trend in the short-term.
Disclaimer: The presented information is subjected to market conditions 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.
