Ethereum Price Analysis - February 8

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ETHUSD Medium-term Trend: Sideways

 Resistance: $880, $860, $840

 Support: $760, $780, $800

Yesterday, the price of ETHUSD was in the range of $779.04 but trading today at $821.59. This is about 5.5% price appreciation. This price appreciation was as a result of positive fundamental news from Japan and Singapore whereby trading has been supported and regulated.

The trend on the daily timeframe is sideways. However, the RSI period 14 is level 30 indicating that the market is oversold whereas the 50-day moving average and 20-day moving average are moving sideways. The 5.5% price appreciation shows that Ethereum has not moved significantly. Since the market has no discernible pattern traders should not take any position.

                                    

ETHUSD Short-term trend: Sideways

 

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Yesterday the short term trend was bullish and the price appreciated along with other crypto currencies. However, today the short term trend is in a sideways movement. The 5.5% price appreciation makes it impossible to predict the trend. However, the RSI period 14 is level 59 indicating that the average gains are more than the losses suggesting selling pressure may arrive soon.

The 50-day moving average and 20-day moving average are also moving sideways. Placing trades are not necessary.