Ethereum (ETH) Price Analysis (February 20)
• Price now trades in the range above the resistance level.
• The crypto is in a strong up move. Buyers are in control of market trading in the upper resistance area.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $290, $300, $310
• Support levels: $110, $100, $80
Ethereum is in a bullish trend zone in its medium-term perspective. The coin looks incredibly strong and that’s hard to deny. The bears increase momentum pushes price down to $250.50 in the support area, during yesterday's session.
Today’s daily opening candle at $258.50 in the support area is bearish as the bears are coming into the market gradually.
ETHUSD drops further to $253.10 in the support area.
Price is initially down at $252.54 in the support area below the EMA-9, an indication of sellers gradual returns and the stochastic oscillator signal pointing down at around level 70% in the overbought region suggests downward momentum in the cryptocurrency price in the medium-term within the range.
ETH/USD Short-term Trend: Bullish
The coin trades above the resistance level on the 4-hourly chart. . The bears’ pressure sustains and continues to push the price of ETHUSD further down breaking the two EMAs with a large bearish candle at $250.50 in the support area during the yesterday session.
Today’s 4-hourly candle at $258.30 opens on a bullish note in the resistance area.
The formation of the doji candle at $257.49 in the support area during the session signals a trend reversal. Hence bulls’ brief return.
Price of Ethereum is initially up at $255.82 in the resistance area.
With the price below the two EMAs and the stochastic oscillator pointing down at around level 20% in the oversold area suggests a downward momentum in the price of the coin also a change in the trend may likely occur in the price of Ethereum 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.