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Key Support Levels: $150, $125,$100
ETH/USD Long-term Trend: Bullish
Ethereum also makes an impressive move as the coin jumped above the $160 price level in the last 24 hours. The market had been under bear control when it fell to a low of $120. After a period of consolidation above $120, the bulls break above the $140 price level.
Above the support of $140, the price consolidated for a week before the price rally above $160. Ethereum is now trading above the $160 support level. Ether is likely to reach a high of $190 if the support holds. Conversely, the selling pressure will resume if the bears break below $160.
Daily Chart Indicators Reading:
The EMAs are at the point of a bullish crossover as the 21-day SMA attempts to crossover 50-day SMA. Also, the Relative Strength Index (RSI) period 14 level 70 indicates that the coin has reached the overbought region of the market. This indicates that sellers may come in to push the price down.
ETH/USD Medium-term bias: Bullish
On the 4-hour chart, the bulls make an upward move to retest the previous high but were resisted at $135. The bulls made three attempts before overcoming the resistance at $135. The uptrend continued up till $145 when the coin was resisted again. After many attempts, a breakout occurred as the price reached a high of $170. Meanwhile, the market is retracing.
4-hour Chart Indicators Reading
Ethereum reached the overbought region of the daily stochastic and dropped below the 80% range. This indicates that the coin is in bearish momentum. The price breaks the resistance line and above it indicating that the support is going to hold. However, if the price breaks below the resistance line, the selling pressure will resume.
General Outlook for ETH
Ethereum has taken a bold step as it makes a positive move to the upside. The coin reached a high of $170 but it is retracing to the low of $162. The upward move is likely to continue if the bulls sustain the price above $160. Traders should adjust their parameters, in case, the bears break below the support at $160.
ETH Trade Signal
Instrument: ETHUSD
Order: Buy
Entry price: $162
Stop: $140
Target: $200
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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