Ethereum finally defines its trend after a breakdown from the lower Bollinger band putting an end to the consolidation that started on 30th September. Price has been revolving around the 50 exponential moving average with the Bollinger band in a parallel line.
The bulls and bears battle for market dominance was obvious. The bearish railroad of 30th September dropped the cryptocurrency at $214.00 in the support area of the lower band on 3rd October while the bulls pushed ETH back up to $234.90 at the upper band on 8th October.
The strong bearish pressure from the bullish exhaustion of same day dropped ETH initially to $223.30 on 10th October as the trading day came to a close.
The 4-hour opening candle of 11th October at $226.70 was a large bearish engulfing candle as ETH was down to $199.48 in the support area. Increased bearish momentum led to a lower low of $195.72.
The bulls are gradually coming back due to the rejection of price further downward movement. This was confirmed by the RSI that points up which imply upward price movement. This should be seen as pullback necessary for the market correction and it may be a brief one before downtrend continuation.
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