• Ethereum breaks $200, recovers from the market flash crash.
• ETHUSD price gradually moved up might retest $260 resistance level.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
The cryptocurrency continues in its bullish momentum in the medium-term outlook. The impulsive move by the bulls at $206 as the high in the resistance area sustains the bullish momentum during the yesterday daily session. The coin is currently recovering and showing positive signs above $200.
The bears in-road briefly and drop the price of Ethereum at $203.37 in the support area as the daily session opens today.
Price further drops to $197.50 in the support area above the 50-EMA imply the price is in an uptrend.
The signal of the stochastic oscillator pointing up at around level 54% indicates the price movement might continue to be in direction of the bulls in the days ahead in the medium-term. Then, buyers may take a responsible position.
ETH/USD Short-term Trend: Bullish
The coin is in an uptrend in its short-term perspective, as seen from the 4-hourly chart. The bulls are taking over and are about to push us higher.
The sustained bullish pressure pushes the cryptocurrency further up at $206 during yesterday’s session. The bears return gradually with an initial drop to $202.09 before the end of yesterday’s session.
Today’s 4-hour bearish engulfing candle at $203.37 with its wick breaking the EMA-50 in the support area confirms the bear’s presence as the session opens today.
ETHUSD is down initially at $200.17 and later at $ 197.50 in the support area.
Price is above the two EMAs this implies the momentum in price is in an uptrend.
Hence, the stochastic oscillator signal is pointing down at 80% in the overbought region suggests the movement in the price of the coin might likely encounter a trend reversal and in this case, a downtrend in the future in the short-term.
This implies the bears may continue to dictate market direction. Hence, buyers may take a position as desired.
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.