Ethereum Price Analysis- February 5

Azeez Mustapha

ETH_USD-Weely(Feb.5).jpg

ETHUSD Long-term Trend: Bearish

Resistance: $920, $900, $880

Support: $800, $820, $840

Yesterday, there were chances of a bullish movement of Ethereum as per the moving average indicators and RSI period 14 but the price nosedived from $934.48 to $888.79. Today, the long term trend is bearish because the 50-day moving average and 20-day moving average tend southward and the RSI period 14 is below level 30 which indicates the market is oversold.

No trade should be taken against the trend because of growing lack of confidence on crypto currencies worldwide. But you can sell and take your profits when the price stabilizes or shuttles within a trading range. That is a range where the price has formed a resistance and support.

ETHUSD Medium-term Trend: Bearish

ETH_USD-Daily(Feb.5).jpg

The medium term trend on the daily chart is bearish because the 50-day moving average and 20-day moving average trend toward the southwards whereas the RSI period 14 is below the level 30 which indicates that the market is oversold. The price will rally at the oversold condition throughout the week until the price stabilizes before negotiating a trade. Mostly if the price stabilizes at the demand levels of $800, $820, or $840 you can take a long position.