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Ethereum Price Analysis: Finds Solace at $160 Support Congestion Area

  • Bullish pressure match bear pressure following the calm after the storm; sideways trading could continue.
  • The intraday traders need to look out for a cross sending the 12 EMA above the 20 EMA.

ETH/USD broke a key support level at $180 and turned on the sell rallies yesterday. Revenging bears pushed the price below the ascending trendline. Declines then progressed below the 50 simple moving average (SMA) 1-hour and the 100 SMA 1-hour. It failed to find bearing at $170 and refreshed the lows at $160; support congestion area.

There is calm after the storm at the time of writing with Ethereum exchanging hands at $164.45 while the upside is immediately limited at $168.00. An ongoing bearish momentum could eventually retest $160 support congestion zone for the third time; a move that is expected to result in a rebound as bulls come out of hibernation.

Ethereum Price Analysis
Ethereum Price Analysis Chart Source: TradingView

Ethereum Short-term Trend

According to the 1-hour chart, the bullish pressure is almost…

Read Full Story : Coingape

2019-04-12 07:52:19

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