Technical Analysis – ETHUSD loses momentum day by day; holds within moving averages
October 10, 2018 2:26 pm
ETHUSD has lost its negative momentum as it weakens over the last couple of weeks, remaining above the 165.00 support and below the 249.80 resistance. Technically, the RSI indicator is moving sideways in the negative territory, while the MACD oscillator is flattening above the trigger line but stands below the zero line in the daily timeframe. Also, the price holds within the 20- and 40-simple moving averages (SMAs).
In case of a jump above the moving averages, this would open the way towards the 249.80 resistance and then at the 300.00 strong psychological level, taken from the latest highs in August. The area could be difficult for bulls to overcome initially, but if there is a closing daily session above this level, the price could hit the 405.00 resistance barrier.
On the other side, in case of a continuation of this weak movement there is a possibility of a pullback in the 249.80 resistance and to head lower until the 165.00 trough. Further losses could drive the price south until the 134.00 hurdle, which was the lowest level of July 2017.
Overall, if the 300.00 resistance is penetrated, this could be a minor change to the direction in the near term. Otherwise, the price could continue moving downwards, confirming the bearish long-term structure.
ETHUSD has lost its negative momentum as it weakens over the last couple of weeks, remaining above the 165.00 support and below the 249.80 resistance. Technically, the RSI indicator is moving sideways in the negative territory, while the MACD oscillator is flattening above the trigger line but stands below the zero line in the daily timeframe. Also, the price holds within the 20- and 40-simple moving averages (SMAs).
In case of a jump above the moving averages, this would open the way towards the 249.80 resistance and then at the 300.00 strong psychological level, taken from the latest highs in August. The area could be difficult for bulls to overcome initially, but if there is a closing daily session above this level, the price could hit the 405.00 resistance barrier.
On the other side, in case of a continuation of this weak movement there is a possibility of a pullback in the 249.80 resistance and to head lower until the 165.00 trough. Further losses could drive the price south until the 134.00 hurdle, which was the lowest level of July 2017.
Overall, if the 300.00 resistance is penetrated, this could be a minor change to the direction in the near term. Otherwise, the price could continue moving downwards, confirming the bearish long-term structure.
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