Ethereum (ETH) Consolidates in Preparation for a Possible Breakout



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Key Resistance Levels: $225, $250, $275
Key Support Levels: $150, $125, $100

ETH/USD Long-term Trend: Bearish
Today, Ethereum is consolidating between levels of $100 and $140 after the last bearish impulse. The bulls pulled back price but could not push ETH above $140. Ether lacks buying at a higher price level. Meanwhile, the bulls defended the support at $100. At the low of $100, Ether has fallen to the oversold region of the market.

It is presumed that selling pressure has ended. In the meantime, the market is fluctuating between $100 and $140. The bulls and bears are being resisted at these price levels. Eventually, if the support cracks the coin will fall to the low of $87. On the upside, a break above $140 will propel the price to reach a high of $160.

ETH/USD – Daily Chart

Daily Chart Indicators Reading:
Ethereum was previously in the oversold region but it is above 20% range of the daily stochastic. Buyers are supposed to emerge as the coin was in the oversold region. The selling pressure ought to subside as the coin is in the oversold region.

ETH/USD Medium-term Trend: Bearish
On the 4 hour chart, the coin is in a descending channel. At the high of $280, the bulls were resisted as the market continue its downward move. The price fell to a low of $100 to resume a range-bound movement.

ETH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and 50-day SMA are sloping southward indicating that the coin is in a bear market. The Relative Strength index period 14 is level 28 indicates that the coin is in the oversold region of the market. It is also below the centerline 50.

General Outlook for ETH
Ethereum is at the bottom of the chart. The price fell to a low of $100 and it is fluctuating between $100 and $140. Ethereum is oversold suggesting bulls to take control of price. Traders are expected to out to buy setups to initiate long trades.

ETH Trade Signal
Instrument: ETHUSD
Order: Buy
Entry price: $112
Stop: $60
Target: $240

Note: 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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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.