ETHUSD price has been on a bullish outlook for the past weeks, but the market could not go much lower Thus there was a corrective indication in the market move, towards a bearish trend.
Supply levels: $255, 260, and 270
Demand levels: $215, 200, and 190
ETHUSD Trends: Bullish
In the previous days, there has been an accelerated bearish movement on the pair, but the trend took a different direction today, seeking to re-align with the bigger trend for a bullish movement after hitting a key demand level at $215. Hence, the price is moving up to the supply level of $255.
The chart above is indicating that the stochastic indicator is at an oversold level, therefore moving up the 4-hour chart. The Channel Breakout Indicator is also pointing for a buy signal. The pair also went beyond the Keltner Channel indicator – a further proof for an oversold position for the coin.
ETHBTC Market Analysis
The market is actually on a bearish direction on its general trend, the down trend still continues, but the 4-hour timeframe seems to be having a corrective indication, thus paving a ground for a temporary buy. The market will be going up for the moment.
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Note: Dapplife.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results