• The cryptocurrency is in a bullish flag formation both in the medium and short-term perspective.
• Bull s are dominant in the market at the moment.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $270, $280, $290
• Support levels: $110, $100, $80
ETHUSD continues in a bullish trend zone in its medium-term outlook. The bears increase momentum pushes price down to $258.50 in the support area, as the market opens yesterday.
The momentum was lost as exhaustion sets in couple with the draggonfly doji that signals the bull’s return. The cryptocurrency drops to $245.28 in the support area before the end of yesterday’s session.
Today’s daily bullish opening candle at $259.44 in the resistance area returns the coin to the upper range. ETHUSD rises further to $268.30 in the upper resistance area.
Price is initially up above the resistance level with its wick touching the EMA-9, an indication of an uptrend in the momentum of the price of Ethereum.
However, the stochastic signal pointing downwards at around level 65% in the overbought region suggests that the price of Ethereun may likely encounter a trend reversal in the nearby days in the medium-term.
ETH/USD Short-term Trend: Bullish
The bullish 4-hour opening candle at $262.44 sustains the bullish momentum with price up at $264.05 in the upper resistance area.
Bulls’ increase momentum pushes price of ETHUSD further to $266.44 in the upper resistance area.
Bears’ brief return with the formation of a bearish inverted hammer candle at $263.00 drops the coin in the support area.
The cryptocurrency is trading above the two EMAs join together in the upper resistance area; this suggests strength in the context of the trend and in this case the uptrend.
However, the stochastic signal pointing up at level 45% in the oversold region is an indication that the momentum in the price of Ethereum 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.
