Ethereum (ETH) Price Analysis (April 27)
• ETHUSD trade continues in its bullish momentum and may breakout the upper resistance area.
• Trend reversal might likely occur due to the formation of the spinning top bar.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
The cryptocurrency is in an uptrend in its medium-term outlook. The impulsive move by the bulls at $199.68 in the resistance area during the session yesterday sustains the bullish momentum within the range.
The session opens today at $197.49 in the support area with the formation of a spinning top bar which implies a trend reversal might occur in the future.
Price of Ethereum is initially down at $193.43 in the support area. With the price above the two EMAs and the stochastic oscillator signal pointing upwards at around level 90% in the overbought region indicates that the momentum in the price of the coin is in an uptrend.
Although, there is an indication that the trend might change in the future due to the formation of the bearish spinning top bar in the medium-term.
ETH/USD Short-term Trend: Bullish
The crypto is now finding its way up as the bulls gradually staging a return to the market.
A bearish inverted hammer at $197.49 opens today’s 4-hourly candle in the support area this signals a trend reversal.
Price is initially down at $194.86 in the support area above the two EMAs, an indication of an uptrend in the context of the market.
However, the stochastic signal pointing down at around level 72% in the overbought region suggests that the coin may encounter a change in trend sooner or 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.