Ethereum (ETH/USD) Price Approaching Resistance Level of $225, Potential Reversal Zone
Should the Bulls succeed in breaking up the $225 level, the next target is $258 level
Published on Thursday July 25, 2019
Ethereum (ETH) Price Analysis – July 25
ETH/USD MEDIUM-TERM TREND: BULLISH
Resistance Level: $225, $258, $289
Support Level: $191, $146, $96
The Bulls are gradually taking over the Ethereum market. The bearish momentum bottomed the coin at the support level of $191 on July 16. It consolidated for a few hours before the bullish engulfing candle was produced at just mentioned level. This is what triggered the bullish movement of the ETHEREUM price towards the resistance level of $225. Further increase in price was prevented at this level by the Bears, besides, the Bulls’ momentum could not break the confluence at that level, and this led to the consolidation of the price for some days at $225 level.
Today’s market opened with a strong bullish candle, breaking up the two EMAs and the resistance level of $225. Should the Bulls succeed in breaking up the $225 level and the 4-hour candle close above it, carry out retest, the buyers may seize the opportunity to go long and have the target at the resistance level of $258. Ethereum price is about crossing over the 21 periods EMA and 50 periods EMA upside which indicate an increase in the Bulls’ momentum. The Stochastic Oscillator period 14 is at 60 levels and the signal lines pointing upside which indicate buy signal
ETH/USD (ETH) SHORT-TERM TREND: BULLISH
The bearish momentum became weak along the way as the price was declining towards the support level of $191 on the 1-hour chart. The “Long lower shadow” candle emerged and this prompted the rally of the price towards the north side and the price increased towards the resistance level of $225. The level was penetrated today but pulled back.
The price is trading above the 21 periods EMA and 50 periods EMA with the former trying to cross over the later to establish bullish trend sign. However, the stochastic Oscillator period 14 is at 80 levels with the signal lines pointing up to indicate a buy signal.