Resistance and support zones for ETH :
Resistance zones: $216, $223, $232
Support zones: $203, $196, $189
ETH Price Analysis for Medium-term: Ranging
ETH continues in its ranging movement in the medium-term outlook. The coin is bearish within the bound range of its ranging movement. ETH’d price is still trading within the range bound resistance zone of $216 and the support zone of $203. The market has formed a symmetrical triangle pattern. The bears pushed the coin to the lower trend line support zone of $203
ETH’s price is between the 10-day EMA and the 50-day EMA, which indicates that consolidation is ongoing. However, the RSI 14 is above 40 levels and its signal lines point towards north. which indicates a buy signal.
A breakout from the symmetrical triangle pattern is inevitable; a breakout at the upper trend line of the symmetrical triangle (resistance area) will be a good buying opportunity or a breakdown at the lower support area will be a selling opportunity. Therefore, patience is key for a defined trend to show up.
ETH Price Analysis for Short-term: Ranging
ETH continues also in its ranging scenario on its 1-Hour chart. The coin formed a symmetrical triangle pattern within the bound range resistance zone of $216 and the support zone of $03. The coin needs to break out from the symmetrical triangle either from the upper trend line or lower trend line before the ETH price can rally. The coin is on the 50-day EMA and 10-day EMA, which indicates a buy signal.