Bias for ETHEREUM (ETH)– Ranging
Resistance Levels- $250, $270, $290
Support Levels- $160, $150. $140
ETH continues in the ranging scenario in its long-term outlook. The bullish pressure that saw ETHUSD up to $242.62 at the resistance area breaking the strong 34-EMA on 15th October was short-lived as the bears forced the candle to close at $213.14.
The bears had been in control of the market with ETHUSD down to a low at 203.53 in the support area.
ETH Price below the two EMAs a sign of bear pressure while the relative strength index is at 44% and its signal lies parallel which implies consolidation.
The cryptocurrency is ranging and trading between $240.00 in the upper supply area and at $180.00 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.
