Ethereum (ETH) Price Analysis (February 24)
• Price now trades in the range above the resistance level.
• The crypto is in a strong up move. Buyers are in control of the market trading in the upper resistance level.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $280, $300, $320
• Support levels: $110, $100, $80
The coin continues in a bullish trend zone in its medium-term outlook. Ethereum is forming an ascending triangle and looks bullish.
The bearish momentum returns within the range yesterday after a drawdown of $256.30 in the support area by the bears. With the formation of a bullish marubozu candle, $262.13 the price rises to $276.20 in the resistance area during the yesterday session.
The daily opening candle today at $275.59 in the support area is bearish. This further drops to $266.06 in the support area.
With the price above the two EMAs and the stochastic signal pointing up at around level, 71% suggest that ETHUSD momentum in price is in an uptrend in the medium-term perspective.
ETH/USD Short-term Trend: Bullish
ETHUSD short-term outlook continues in a bullish trend market. The close of the 4-hourly session yesterday candle $275.59 with a wick suggests exhaustion of the bullish momentum hence the bears' brief return.
The bears' pressure on the cryptocurrency at $275.29 in the support area led to a drop in price as the 4-hourly session opens today.
The crypto further drops to $266.06 in the support area. Price is above the two EMAs and trades around the resistance area within the range imply the momentum in price of the coin is in an uptrend.
The stochastic signal pointing down at level 70% in the overbought region suggests the momentum in price of Ethereum may likely experience a change in trend in the nearby days in the short-term.
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