• Ethereum continues to be comparatively more bullish in the medium-term.
• The cryptocurrency has a limited downside.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
Ethereum is in an uptrend in its medium-term outlook. The impulsive move by the bulls at $201.33 at the resistance area during yesterday’s session is corrected today, by the bears, as the daily market opens today. The session closes with $199.89 in the resistance area.
Today daily session opens on a bearish note at $198.68 in the support area as the bears return briefly into the market in the early hours of today.
The coin drops to $196.95 in the support area. Now price revolving around the EMAs is an indication that sellers are gradually returning to the market.
The stochastic oscillator pointing upwards at around level 43% in the oversold region suggests the momentum in price is in an uptrend and may continue in the same direction in the future in the medium-term.
The supply level of $246 may be retested by the bulls in the future.
ETH/USD Short-term Trend: Bullish
Analyzing the short-term chart outlook of Ethereum, we can see that the momentum is in a bullish trend. The crypto looks quite bullish here.
The sustained bullish pressure pushes the cryptocurrency further up at $201.33 before the end of yesterday’s session.
The bears return gradually with an initial drop to $199.89 in the support area as the 4-hourly market opens today.
ETHUSD price is down initially at $196.95 in the support area above the two EMAs, this signifies that the momentum in price of the crypto is in an uptrend at the moment.
Meanwhile, the signal of the stochastic pointing down at around level 88% in the overbought region suggests that the movement in the price of Ethereum might begin to favor the bears sooner or later 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.