ETHUSD Medium-term Trend: Bullish
Resistance: $910, $900, $890
Support: $850, $860, $870
Yesterday, Tuesday 20, ETHUSD was in a bullish market at a price of $947.92 where traders were advised to follow the logic of buying low and selling high.
Today, the pair is retracing and trading at $895.60. If the bulls break through the resistance level again the price may continue to rise but if the bears breached demand levels then price will fall below $800. However, the RSI period 14 is level 18 which indicates that the market is oversold suggesting that the bulls will take control.
ETHUSD Short-term trend: Bearish
Yesterday the short term trend was in a sideways movement and the market was not tradable because it was choppy. A choppy market is one the key levels of resistance and support are not at a good distance apart. Yesterday the RSI period 14 indicated that the market was overbought suggesting that the bears would take control of the market. Today, the daily chart has a bearish outlook.
Meanwhile, the 50-day moving average and the 20-day moving average are trending southward whereas RSI period 14 is level 25 indicating that the market is oversold. The demand levels may be breached.
