Ethereum (ETH) Price Analysis (February 28)
• Ethereum is now showing a few bullish signs above the support level.
• Bullish scenario is playing out in the short-term.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $110, $100, $80.
After retesting the support level $215 by the bears on the 26th February, the bulls gradual return yesterday at $238 in the resistance area returns the crypto back within the range. After the breakout, the price has had a strong resistance zone.
A bullish inverted hammer candle at $227.53 opens today’s daily session in the resistance area.
Bulls push the crypto up to $234.92 in the resistance area above $215 support level.
Ethereum now trades above the EMA 50 as the time of writing this article which indicates that price is in an uptrend.
Hence the stochastic signal pointing up at around level 12% in the oversold area suggests that the momentum in price of Ethereum is in an uptrend and may likely continue in the same direction in the days ahead in the medium-term.
ETH/USD Short-term Trend: Bullish
The crypto is now finding its way up as the bulls gradually staging a return to the market.
After testing the support line at $224.10 in the support area during yesterday's session, bulls stage a return and pushes price up $238 in the resistance area before the end of yesterday’s session.
A bullish inverted hammer at $227.53 opens today’s 4-hourly candle in the resistance area this signals a trend reversal hence bear’s brief return with a spinning top bar at $228.27.
With the price above the two EMAs and the stochastic signal up at around level 43% in the oversold region, it suggests an upward momentum in price of the coin in the short-term perspective.
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.