Ethereum (ETH) Struggles Above $150, May Face Selling Pressure

Ethereum (ETH) Struggles Above $150, May Face Selling Pressure

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

ETH/USD Long-term Trend: Bearish
Ethereum is currently trading above $150 support after rejection at a high of $166 resistance. Before now, the pair has risen to $175 high after a successful rebound at the low if $140. The bulls could not penetrate the resistance at $175. Consequent upon that the pair dropped to a low of $152.

Ether faced a similar situation when it reached a high of $166. Now the market is consolidating above $150. The pair will further depreciate if the support is breached. On the upside, if the bulls sustain price above $150, a rebound is likely to occur. This will catapult the coin to rise.

ETH/USD – Daily Chart

Daily Chart Indicators Reading:
The pair has fallen to level 49 of the Relative Strength Index. This indicates that the market is in the downtrend zone and below centerline 50. It implies that the price may fall. The 21-day SMA and 50-day SMA are sloping downward.

ETH/USD Medium-term Trend: Bullish
On the 4 hour chart, ETH is in an uptrend. The price is at the point of breaking the bullish trend line. A break below the trend line implies that the upward move has been terminated. It also means the resumption of the downtrend.

ETH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and 50-day SMA are sloping upward indicating the upward move. ETH is below 40% range of the daily stochastic. It means a further depreciation of the coin. The stochastic bands are attempting to make a U-turn, a probable change in the trend

General Outlook for ETH
The bulls and bears are contesting the price above $150. The pair may drop to a low of $135 if the bears break below the current support. On the other hand, if the current holds, Ether may rebound to the previous highs.

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.