More

    Ethereum (ETH) Price Analysis (February 21)

    • The cryptocurrency is in a bullish flag formation both in the medium and short-term perspective.
    • Bull s are dominant in the market at the moment.

    ETH/USD Medium-term Trend: Bullish

    • Resistance levels : $270, $280, $290
    • Support levels: $110, $100, $80

    ETHUSD continues in a bullish trend zone in its medium-term outlook. The bears increase momentum pushes price down to $258.50 in the support area, as the market opens yesterday.

    The momentum was lost as exhaustion sets in couple with the draggonfly doji that signals the bull's return. The cryptocurrency drops to $245.28 in the support area before the end of yesterday's session.

    Today’s daily bullish opening candle at $259.44 in the resistance area returns the coin to the upper range. ETHUSD rises further to $268.30 in the upper resistance area.

    Price is initially up above the resistance level with its wick touching the EMA-9, an indication of an uptrend in the momentum of the price of Ethereum.

    However, the stochastic signal pointing downwards at around level 65% in the overbought region suggests that the price of Ethereun may likely encounter a trend reversal in the nearby days in the medium-term.

    ETH/USD Short-term Trend: Bullish

    The bullish 4-hour opening candle at $262.44 sustains the bullish momentum with price up at $264.05 in the upper resistance area.

    Bulls’ increase momentum pushes price of ETHUSD further to $266.44 in the upper resistance area.

    Bears' brief return with the formation of a bearish inverted hammer candle at $263.00 drops the coin in the support area.

    The cryptocurrency is trading above the two EMAs join together in the upper resistance area; this suggests strength in the context of the trend and in this case the uptrend.

    However, the stochastic signal pointing up at level 45% in the oversold region is an indication that the momentum in the price of Ethereum may likely change 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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Ben Jordan
    Ben Jordan
    Ben began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,368FansLike
    2,785FollowersFollow
    4,136FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Binance CEO: Once QE Money Starts Flowing, BTC's Price Will Go Up ‘Very Dramatically'

    “Since coronavirus took over, business-wise the platform is doing really well” - CZ COVID-19, QEg, depression, and countries printing a lot of money...

    South Korean Central Bank to Roll Out Pilot Program to Test CBDC Through Dec 2021

    On April 6, South Korea’s central bank has made the announcement that it started a pilot program for assessing the logistics of a central...

    Former Goldman Sachs Fund Manager Suggests Allocating 25% in Bitcoin

    When Raoul Pal, the former hedge-fund manager who founded Real Vision first learned the coronavirus was spreading rapidly, he thought, “The whole world's f---ed,”. "I...

    PwC Report Reveals 2019's Crypto M&A's Dropped Sharply; Total Value Decreased By 76%

    The 2017 market boom led to the new era of funding in the decentralized space called ICO, however as we entered the bear market...

    How Much New Inflow Bitcoin Needs to Stay at this Price Level?

    For the last 2.5 years, $400 million of new investment each month kept BTC price at $7,000, after halving it would require just...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.