Ethereum (ETH/USD) Price Is Consolidating Above $191 Price Level
The price is currently facing the barrier at the dynamic resistance level of 21 periods EMA
Published on Thursday July 18, 2019
Ethereum (ETH) Price Analysis – July 18
ETH/USD MEDIUM-TERM TREND: BEARISH
Resistance Level: $225, $258, $289
Support Level: $191, $146, $96
The Bears hold tight to the Ethereum market. The bearish pressure kept on increasing; the Ethreum price was above the former demand level of $225 three days ago but currently below the mentioned level. The bearish reversal candle pattern called “Tweezer Top” was noticed on the 4-hour chart at $225 price level. More bearish candles were produced and the price descended towards the support level of $191 after broken down the $225 price level. Few hours consolidation was observed at the $191 price level. The just support level held the price and the bullish engulfing candle emerged and pulled the price back towards $225 level.
The price is currently facing the barrier at the dynamic resistance level of 21 periods EMA and it is gradually pulling back to respect the resistance. The price is trading below the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator is above the 40 levels and the signal lines seem to be bending down which indicate sell signal. Further increase of the Bulls’ momentum may break up the confluence at the $225 price level and the coin will rally towards $258 level. In case $225 level holds, consolidation may continue.
ETH/USD (ETH) SHORT-TERM TREND: BEARISH
The crypto bottomed at the support level of $191 on July 16. The Bears’ momentum became weak and the Bulls have no enough pressure to drive the market, this scenario resulted to consolidation at the just mentioned level. The Bulls’ momentum increased and the price was pushed up to penetrate the two EMAs upside, another consolidation started on the two EMAs.
At the moment, the price is consolidating on and around the 21 periods EMA and 50 periods EMA with the two EMAs close to each other which connotes that consolidation is ongoing in the Ethereum market.
However, the stochastic Oscillator period 14 is below 80 levels with the signal lines pointing down to indicate sell signal.