Ethereum price is limited to the upside as the ETHUSD pair is moving within a bearish flag pattern on the one hour chart. What is next can traders expect?
Ethereum Price Medium-Term Analysis
Yesterday, October 3, the price of Ethereum (ETH)was in a range bound move. ETH bulls pushed the price above the $180 resistance level but were resisted close to the $185 resistance level. As a result, the Ethereum price declined below $180 and $172 levels.
The bears made two attempts to push the price below the $170 support, but they were resisted. As a result, there was an upside correction above the $172 level. At the time of writing, the price of Ethereum is changing hands at $175 level, which marks a notable climb from its daily lows of $172 level.
On the upside, if the more buyers emerge, the coin will rise and retest the $180 and $185 price levels. On the downside, if the bulls fail to break the resistance level, the crypto’ price will decline towards the $172 and $170 levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-term Analysis
On the 1-hour chart, ETHUSD price is in a bearish trend as the pair is trapped within a bearish flag pattern. At the moment, the path of least resistance is to the downside, given ETHUSD short-term bearish trend and weak trading sentiment.
If the price drops below the $175 level, there is a risk of a downside break. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $180, $185, $190
- Support Levels: $172, $170, $160
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.