Ethereum (ETH/USD) Price May Reverse at Demand Level of $225
We may experience a buying pressure at $225 level.
Published on Tuesday July 16, 2019
Ethereum (ETH) Price Analysis – July 16
ETH/USD MEDIUM-TERM TREND: BEARISH
Resistance Level: $258, $289, $327
Support Level: $225, $191, $146
Ethereum has been under the bearish pressure for more than a week. On July 09, the coin retested the resistance level at $327; that is the high reached on June 30. The Bulls lost the momentum and the price experienced a choppy market scenario for more than twenty four hours. The Bears gained momentum and there was a rapid fall in price of Ethereum with the formation of strong bearish candle that broke down $289 level and closed below the level. Followed this rapid drop in price is the formation of more bearish candles that gradually declining the price towards $258 level. The bearish momentum increased and the Ethereum fell below $225 price level.
Today, a strong pin bar candle has emerged at the $226 level which is an indication that the Bulls are preparing to take over the market. The Stochastic Oscillator has clearly shows that the coin has reached the oversold level with the signal lines at 20 levels, pointing up. We may experience a buying pressure at $225 level.
ETH/USD (ETH) SHORT-TERM TREND: BEARISH
A major consolidation took place within the range of $258 and $289 price level for more than three days on the 1- hour chart. There was a breakout at $258 level that led to the rapid fall in price of ETHUSD. The price declined towards the $191 price level after penetrating the $225 level downside. The price is currently carrying out a price retracement towards the broken level of $225. Further increase in price is expected in case the Bulls break the barrier at dynamic resistance level (21 periods EMA).
The stochastic Oscillator is at 60 levels with the signal lines pointing up to indicate buy signal.