Bias for ETHEREUM (ETH) – Ranging
Resistance Levels – $250, $270, $290
Support Levels – $160, $150. $140
ETH remains in the range in its long-term outlook. The bear pressure within the range was sustained this past week as the cryptocurrency made lower high and lower low which are down trending market characteristics. $202.53 in support area was the low made on 23rd October while $210.50 at the resistance area was the high made on 26th October.
Price is below the two EMAs a sign of bear pressure while the relative strength index is at 42% and its signal is in parallel line which implies consolidation.
The cryptocurrency is ranging and trading between $240.00 in the upper supply area and at $189.03 in the lower demand area of the range. Patience is needed for a defined trend to show up. This means a breakout at the upper resistance area will be a good buying opportunity or a breakdown at the lower support area will be a selling opportunity.
