ETHUSD Medium-term Trend: Ranging
- Resistance Levels: $230, $240, $250
- Support Levels: $130, $120, $110
The price of Ethereum is in a sideways trend below the $140 resistance level. On February 18, the bulls broke the $140 support level as the price reached a high of $160 price level. On February 24, the bears broke below the $140 price level and the 12-day EMA as the price fell to a low at $131.76.
On February 25, the bulls tested the $140 price level and were resisted. The price fell and broke below the 12-day EMA and the 26-day EMA. The bulls have tested the $140 resistance level on three occasions without breaking it. On each occasion the price will fall below the EMAs.
On the upside, if the bulls break the $140 resistance level, the crypto's price will rally above the $160 price level. On the other hand, if the bulls fail to break the $140 resistance level, the ETH price will resume its range bound movement. Meanwhile, the stochastic band is out of the oversold region but below the 60% range. This indicates that the price is in a bearish momentum and a sell signal.
ETHUSD Short-term Trend: Ranging
On the 4-hour chart, the price of Ethereum is ranging below the $140 resistance level. From the chart, the bulls tested the resistance level twice without breaking it. Today, the bulls are making another bullish movement to break above the EMAs.
On the upside, if the price is sustained above the EMAs, the crypto's price is likely to break the EMAs. Nevertheless, the stochastic indicator is in the oversold region but above the 40% range which indicates that the price is in a bullish momentum and a buy signal.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.