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.