• Ethereum greatly follows the downward trend pattern as price is now falling towards the support level.
• Bearish scenario is playing out in the short-term.
ETH/USD Medium-term Trend: Bearish
• Resistance levels : $260, $270, $280
• Support levels: $110, $100, $80
Having broken through the support level of $215, hence the beginning of a downtrend. The daily volume on the crypto is on a spike in the last three days as the market began its downward trend.
The market is falling hard as Ethereum slopes below $230 leading to a market-wide sell-off. Ethereum the second-largest crypto losing 7% in the past days.
$224.10 in the support area opens today’s daily market. Price is down at $210.78 in the support area below the two EMAs as at the time of writing this article, this suggests a downward trend in price of the crypto.
However, the stochastic signal pointing down at around level 16% in the oversold region, suggests the market bears are out of hibernation also the return on ETHUSD is pretty solid in he days ahead in the medium-term.
ETH/USD Short-term Trend: Bearish
The coin remains in a bearish zone declined below the $215 support area. ETHUSD is now facing an increase in selling pressure in the short-term and it could continue to slide down if it breaks the $215 much down the trend line.
The 4-hourly session opens today at $224.10 with its wick breaking the support trend line in the support area.
Price is initially down at $217.22 below the two EMAs in the support area, an indication of a downtrend in the context of the market.
Hence, the stochastic oscillator signal pointing up at around level 17% in the oversold region suggests that the momentum in the price of Litecoin might encounter a trend reversal in the nearby days 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.