Ethereum price analysis: ETH/USD range-bound; bullish short-term

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  • Ethereum stuck in range with the upper limit at $231 and the lower limit at $228.
  • Ethereum price is bullish (in the short-term) but longer indications show a continued bearish trend.

Ethereum current outlook is bullish, however, both the long-term and the medium-term trends are bearish. After defending the support at $220, ETH/USD retraced higher and traded above the resistance at $230. Additional upside movement were capped at $232 and the price began to cave in.

A retracement from the upper range has found support at $228. The upside movements bouncing off this support zone have been unable to break above $230. Ethereum is currently trading below the simple moving averages on the 15-minutes chart. A bullish trendline on the chart is offering support as the crypto consolidates above $228.

The RSI on the same chart is in a range marginally below the 50 percent mark, which means that the buyers have the control, although they lack buying power. On the contrary, the momentum indicator, MACD is ranging in the negative zone. ETH/USD is not out of the danger zone and could breakdown further.

Significant hurdles exist towards $300, particularly at $231 (initial supply zone), $240 (key resistance and $250 (upper supply zone). A break above $250 in the medium-term could test $300. Meanwhile, the supports at $228, $220 and $205 must be guarded to avoid a drop below $200. Ethereum price is bullish (in the short-term) but longer indications show a continued bearish trend that is yet to be broken.

ETH/USD 15-minutes chart

 

 

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