ETH Long Term Price Analysis: 28 October

9 months ago

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.

Azeez Mustapha @ItuGlobal

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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