Ethereum (ETH) Price Analysis (April 29)
• ETHUSD slowly reaches a point where it can no longer drop.
• Traders may consider buying with bullish reversal candles as entry formation.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
Ethereum is in an uptrend in its medium-term outlook. $192.06 in the support area is attaining as the low of the day during yesterday by the bears. However, the close of the day at $196.55 with a doji candle suggests exhaustion of the bearish momentum, hence bulls’ brief return.
The daily session opens today at $196.63 in the resistance area. The momentum in price continues in an uptrend as the cryptocurrency journeys up north around $205.55 in the resistance area within the range.
Now, price at $205.55 around the 78.6 fib area, which is a deep trend reversal area suggests the momentum in the price of the cryptocurrency might encounter a change in the future.
Price is above the two EMAs, an indication of an increase in the price of the market and the bulls are in the dominance of ETHUSD at the present.
The stochastic oscillator is pointing downwards at around level 88% in the overbought region suggests the momentum in price might encounter a change in the future in the medium-term.
ETH/USD Short-term Trend: Bullish
The coin is in a bullish trend in its short-term outlook. The 4-hourly session today at $196.63 in the resistance area is bullish. The impulse move by the buyers further pushes the price of Ethereum up to $207 in the resistance area.
The journey up north continues as the price is initially up now at $206.20 in the resistance area above the two EMAs. This implies the bulls are in control of the market in the short-term.
Thus, the stochastic signal pointing up at level 80% in the overbought region suggests the momentum in price of Ethereum is in an uptrend and might continue in the same direction 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.