The market has rejected a resistance level after the corrective bullish movement it took a couple of days ago, is now dashing in for the bearish trend, the price looks good to hit the next resistance level or even breaking below the barrier area to institute a record lower low target.
Supply levels: $0.029, $0.032, $0.034
Demand levels: $0.028, $0.027, $0.024
ETHBTC Trends: Bearish
The coin is digging for the bearish side and thus heading for the price resistance area of $0.024, and the market is promisingly good to break this level since it has tested it earlier, before embarking on a corrective price movement, which saw a rejection at the price level of $0.028, and a re-alignment of the price with the major bearish trend, that will likely head for a record lower low level.
From the daily chart, the price tested the 14 Exponential Moving Average and heads on for the bearish drive, while the MACD Indicator is re-establishing the bearish momentum.
ETHUSD Market Analysis: Bullish
ETHUSD has rejected a resistance level for either a corrective movement or for an establishment of a bullish trend, though the trend is bullish now, might reverse at the next resistance level.
The price is just in-between the 1 and 50 Exponential Moving Averages, that confirm is yet to the bullish call, while the MACD Indicator is showing a bullish indication.
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