• Price now falling towards the support level.
• Sellers working hard to invalidate the bullish pattern.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $110, $100, $80
Ethereum is in a bullish trend structure in its medium-term outlook. The bearish daily opening candle at $247.36 in the support area sustains the bearish momentum with price down at $239.14 in the support area as the session opens today.
The coin is facing an increase in selling pressure, hence bears further drops the coin to $236.35 in the support area.
Price is above the EMA 50, this suggests strength in the context of the trend and in this case the uptrend.
The stochastic oscillator is in the oversold region with signal pointing down at around level 29%, an indication of downward momentum in price of the cryptocurrency in the medium-term.
ETH/USD Short-term Trend: Bearish
Ethereum price remains in the bearish zone in its short-term perspective. Today’s 4-hour opening candle at $247.36 in the support area is bearish as the bears remain dominant in the market.
As seen from the chart, the price of Ethereum is falling towards the support level.
ETHUSD drops further to $236.35 in the support area. Price is below the two EMAs an indication of downward momentum in price of ETHUSD.
Hence, the signal of the stochastic oscillator pointing down at around level 10% suggests that the momentum in price of the crypto is in a downtrend and may likely reverse in the future 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.
from BitcoinExchangeGuide https://bitcoinexchangeguide.com/ethereum-eth-price-analysis-february-26/
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