Technical Analysis – ETHUSD lacks direction in near term; positive profile in medium term
May 21, 2019 1:26 pm
ETHUSD has been on the sidelines over the last week as the price struggle near the 20-simple moving average (SMA). Technically, the price could lose some ground in the short-term as the RSI is changing direction to the downside and is moving towards its 50 neutral mark, while the stochastics are creating a bearish cross within %K and %D lines.
A rebound on the 20-day SMA should drive the price towards the 263.60 resistance level. Higher up, the eight-month high of 279.20 could attract attention.
Alternatively, a decline under the 20-SMA could meet a strong barrier between 237.85 and the 23.6% Fibonacci of the upleg from 80.00 to 279.20 around 232.00. A drop below this level could open the way towards the 213.25 support.
In the short-term picture, Ethereum is gently pointing down today forming a negative profile. A strong rally below the 20-SMA would extend the downward pattern off 279.20.
In brief, the price could lose further steam in the short term, while in the medium-term the pair continues to hold a positive outlook.
ETHUSD has been on the sidelines over the last week as the price struggle near the 20-simple moving average (SMA). Technically, the price could lose some ground in the short-term as the RSI is changing direction to the downside and is moving towards its 50 neutral mark, while the stochastics are creating a bearish cross within %K and %D lines.
A rebound on the 20-day SMA should drive the price towards the 263.60 resistance level. Higher up, the eight-month high of 279.20 could attract attention.
Alternatively, a decline under the 20-SMA could meet a strong barrier between 237.85 and the 23.6% Fibonacci of the upleg from 80.00 to 279.20 around 232.00. A drop below this level could open the way towards the 213.25 support.
In the short-term picture, Ethereum is gently pointing down today forming a negative profile. A strong rally below the 20-SMA would extend the downward pattern off 279.20.
In brief, the price could lose further steam in the short term, while in the medium-term the pair continues to hold a positive outlook.
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