ETHUSD Medium-term Trend: Ranging
- Resistance Levels: $230, $240, $250
- Support Levels: $140, $130, $120
The price of Ethereum is in a sideways trend after price broke the bullish trend line. The previous bullish trend has been terminated for 5 days. The bulls are yet to break the $150 price level as the crypto's price continue to range below the resistance level. Yesterday, the crypto's price was resisted at $148.30.
Today, the bulls are making another attempt at the resistance level. The scenario will not change except there is price breakout. Nevertheless, the crypto's price is in the bullish trend zone which indicates that price will rise. On the upside, if we have more buyers than sellers at the $150 price level, the bulls will push price upward.
In other words, the $150 price level will be broken. Meanwhile, the stochastic band is in the overbought region and above the 80% range which indicates that the price is in a strong bullish momentum and a buy signal.
ETHUSD Short-term Trend: Ranging
On the 4-hour chart, the price of Ethereum is in a sideways trend. Yesterday, the bulls were resisted and the bears broke the 12-day EMA and continue the range bound movement. However, today the bulls have broken above the EMAs and were attempting to break the resistance level.
The crypto's price is still above the EMAs which indicates that the price is in the bullish trend zone.The stochastic is out of the overbought region but above the 40% range which indicates that the price is in a bullish momentum and a buy signal.
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