ETHUSD - 1D Chart Analysis
Ethereum's price started a slow recovery process against the US Dollar since the 12th of this month but the trend channel which was created seems to be available only for the short term.
The main condition for this recovery process to continue in the next couple of days is that the price to stay above 213.41$ without breaking the Support Level which is also confirmed by the 20 days Moving Average.
In the current scenario we can also consider the value of 213.41 as a Pivot. In other words, if the price will stay above it, we might see a shy continuation of the recovery process towards 234$.
On the other hand, if the price will finally break the Support Level 1, then we can consider 196$ as the next target price.
On the long term, the market seems to remain bearish as long as on a 1W chart, the price is still between the 20 days Moving Average and the lower band of Bollinger and the MACD is still below the Signal line.
The main condition for this recovery process to continue in the next couple of days is that the price to stay above 213.41$ without breaking the Support Level which is also confirmed by the 20 days Moving Average.
In the current scenario we can also consider the value of 213.41 as a Pivot. In other words, if the price will stay above it, we might see a shy continuation of the recovery process towards 234$.
On the other hand, if the price will finally break the Support Level 1, then we can consider 196$ as the next target price.
On the long term, the market seems to remain bearish as long as on a 1W chart, the price is still between the 20 days Moving Average and the lower band of Bollinger and the MACD is still below the Signal line.
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