• Price of Ethereum is likely to encounter a price breakout.
• The bulls remain dominant in the market.
ETH/USD Medium-term Trend: Bullish
• Distribution Zones : $240.00, $250.00, $260.00
• Accumulation Zones: $110.00, $100.00, $90.00
Ethereum continues in a bullish trend in its medium-term outlook. The bearish pressure was weakened at $230.53 in the accumulation zone as bulls resume the uptrend today.
Today’s session opens with a long bullish candle at $237.76 in the distribution zone breaking the resistance line is an indication that the price of the coin is in an indication of buyers present and in control of the market.
ETH/USD is initially up at $238.21 in the distribution zone above the two EMAs as the journey up the trend has already begun.
The stochastic oscillator indicator at the overbought region suggests the momentum in the price of Ethereum is likely to experience a downward trend in the medium-term.
ETH/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook.
The bullish candle formation at $220.00 in the distribution zone is an indication of the bulls returns shortly after the 4-hourly session opens today.
ETHUSD is initially up at $237.70 in the distribution zone above the two-EMAs breaking the resistance line, as the journey up to the upper distribution area has already begun.
The stochastic oscillator signal pointing up at around 69%, suggests an upward momentum in price 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.