ETHUSD Price Analysis – August 10
A bearish breakout at the demand level of $191 in the Ethereum price is highly envisaged, in case the bears increase their pressure, $146 price level may be reached but a pullback is inevitable in a trending market.
Resistance levels: $225, $258, $289
Support levels: $191, $146, $117
ETH/USD Long-term Trend: ranging
ETH/USD price is on the sideways movement in the Long-term outlook. Ethereum reached a high of $327 on July 09. Further increase in price was opposed by the Bears. Strong bearish candles were produced at the level and the price declined to reach the demand level of $191 after penetrating downside the barriers at $258 and 4225 price level. The price retraced towards the supply level of $225. The Bulls were not able to break up the just mentioned level and the Bears have no enough pressure to break down the demand level of $191; this resulted to sideways movement within the range.
The 21 period EMA and 50 periods EMA are well separated, and the coin is trading below the two EMAs; that is the bearish momentum is strong in the ETH market. The Stochastic Oscillator period 14 is at 40 levels with the signal line bending down to indicate sell signal.
A bearish breakout at the demand level of $191 in the Ethereum market is highly envisaged, in case the bears increase their pressure, $146 price level may be reached but a pullback is inevitable in a trending market.
ETH/USD Short-term Trend: bearish
ETH is bearish on the medium-term outlook. Ethereum had a fake breakout at the resistance level of $225 on August 05, the coin consolidated for few hours before the bears prevailed. The coin was returned to face the south direction, descending towards the demand level of $191.
The 21-day EMA has crossed the 50 periods EMA downside as a bearish sign and the ETH price is trading below the two EMAs with the distance between them which indicates a strong bearish trend. The stochastic oscillator period 14 is below 20 levels with the signal line bending down at the level which connotes sell signal.
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