Since the 10th of January, once the price has crossed the 20 days Moving Average and the Bearish trend on a daily chart has begun, the price of Ethereum has registered 12 consecutive days in which it has been moved sideways with an average daily movement of 11.2$.
At this stage, it is traded below the Pivot Level (Average Price) of 125.53$ and it also had 2 consecutive failed attempts of finishing the day below the next support level of 116.65$.
On top of this, the RSI and the Stochastic have "oversold" positions which in these circumstances can be interpreted as a continuation of the sideways movement, confirmed as well by the MACD which is still below the Signal.
If the trading volumes will remain at the same level, we can consider 107$ as a possible target price for the following days.
At this stage, it is traded below the Pivot Level (Average Price) of 125.53$ and it also had 2 consecutive failed attempts of finishing the day below the next support level of 116.65$.
On top of this, the RSI and the Stochastic have "oversold" positions which in these circumstances can be interpreted as a continuation of the sideways movement, confirmed as well by the MACD which is still below the Signal.
If the trading volumes will remain at the same level, we can consider 107$ as a possible target price for the following days.
Trade closed: target reached:
the trade was closed on profit
