ETH Daily Trading Signals: 16 October

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Dominant bias for ETHEREUM (ETH) – Ranging

Resistance Levels – $230, $240, $250

Support Levels – $180, $170. $160

 

Ethereum is in a range-bound market in its medium-term outlook. The bullish pressure from $189.00 in the support area after the bullish railroad of 12th October has progressively pushed the cryptocurrency up initially to $203.70 and finally to $242.62 in the resistance area. The lack of momentum for continued upward movement shed almost 50% of the initial upward price movement as the candle closes with a wick.

 

 

The bearish railroad formation at $221.03 also signal bears returned within the range. The relative strength index is at 68% and its signal points down which implies downward momentum.

ETH is in consolidation and trading between $239.98 in the upper supply area and at $189.43 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur traders should wait for this to occur before taking a position.

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Azeez Mustapha
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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