GerradFletcher

Ethereum (ETH) Not Ready for The Upside

COINBASE:ETHUSD   Ethereum / U.S. Dollar
ETH / USD ANALYSIS

The Ethereum price has been able to establish the $3352 region as a strong support zone . Every drop here has been faced with aggressive buying pressure. Therefore, if it sustains above the 9-day moving average, it could potentially start to navigate back to its resistance between the $3400 and $3500 resistance levels. If the buying pressure evaporates around $3100, it could see Ethereum incur some heavy downwards momentum that sends it to the supports at $3000, $2800, and $2600.

In the meantime, it is important to note that all these losses that the coin has suffered have fundamentally changed the structure of the cryptocurrency market. Traders are to note that ETH/USD in the short term could be positioned to see a significant downside effect. Buyers should be on the lookout for $3800, $4000, and $4200 as a target to watch and a strong bullish reaction at this level is vital for Ethereum to maintain its medium-term outlook while the Relative Strength Index (14) is seen moving below 55-level.

Against Bitcoin , we can see that Ethereum is clearly bearish . Meanwhile, as the price falls, the sellers are posing an additional threat for buyers to reach the support level of 7315 SAT where the nearest target is located. However, an eventual break below the 21-day moving average may cause Ethereum to collapse.

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