Ethereum (ETH) Price Analysis (April 30)
• ETHUSD leading the market as usual.
• Price may head towards $275 as crypto traders turn bullish.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
Ethereum medium-term outlook continues in a bullish trend market. The bull's increased momentum pushes the price to $218.67 in the resistance area before the close of the session yesterday.
The daily session today opens with a bullish inverted hammer at $215.31 in the resistance area, an indication of a trend reversal. Hence sellers’ brief returns.
ETHUSD drops down to $210.91 in the support area. Price is above the two EMAs this indicates that the momentum in price of the coin is in an uptrend.
The signal of the stochastic oscillator pointing down at around level 86% in the overbought region suggests that the momentum in price may encounter a trend reversal in the nearby days in the medium-term.
ETHUSD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term perspective. On the 4-hour chart, ETHUSD price is in a bullish trend zone.
A bullish candle at $215.31 in the resistance area opens today’s 4-hourly session.
Reactions from the buyers push the price further up at $225.87 in the resistance area, shortly after the session opens today.
The crypto’s price is now down at $210.91 in the support area due to the sellers’ brief return.
The crypto’s price is above the two EMAs, this indicates an uptrend.
Hence, the stochastic signal pointing down at around level 78% in the overbought region implies the momentum in the price of Ethereum may likely experience a trend reversal 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.