• The Cryptocurrency is in an uptrend.
• The bulls remain in control of the market.
ETH/USD Medium-term Trend: Bullish
• Distribution Zones : $230.00, $240.00, $250.00
• Accumulation Zones: $115.00, $110.00, $100.00
ETH/USD is in an uptrend in its medium-term outlook. The bulls increased momentum pushed price up to $230.00 in the distribution area, as the market opens yesterday.
The momentum was lost as the bears set in at $228.33 and drops the price of the coin as the market opens today. The cryptocurrency initial price is $219.10 in the accumulation area.
Price is above the two EMAs and the stochastic oscillator signal pointing down at level 90% in the overbought region suggests downward momentum in the cryptocurrency price in the medium-term.
ETH/USD Short-term Trend: Bullish
The coin is in an uptrend in its short-term outlook. The bulls made a progressive movement to the north breaking the EMA 9. $228.56 in the distribution area was the high attained by the cryptocurrency during yesterday’s session.
Today’s 4-hour bearish opening candle at $228.33 sustained the downward momentum with ETH/USD down to $218.23.
Price is below the EMA 9 and the stochastic oscillator signal pointing down at 35% suggests downward momentum in the price of the crypto in the short-term. Hence a price reversal may likely occur in the future.
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.