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Price analysis of Ethereum (ETH) – October 31st



Ethereum, ETHUSD, Criptovalute, graphTradingView Ethereum Chart

Medium-term trend in the price of Ethereum: bearish

Supply zones: $ 400, $ 450, $ 500

Application areas: $ 150, $ 100, $ 50

ETH continues in a bearish trend in its medium-term prospects. The bullish retracement was closed at $ 199.00 in the refueling area which was also at the fib level at 23.6, as the bulls lost momentum. The bears' return was confirmed by the downturned down hammer at $ 197.82. The rising bearish momentum fell by ETHUSD to $ 195.89 in the demand area.

Bear pressure was more evident despite the bullish train formed yesterday. The 4-hour opening candle for $ 197.33 was an overturned hammer that nullified the bullish momentum. The price was initially reduced to $ 196.50 in the requested area.

The price is below the two EMAs, indicating a strong downward pressure to maintain the trend within the fib level to 23.6 in the medium term

Short-term trend in the price of Ethereum: bearish

Ethereum, ETHUSD, Criptovalute, graphTradingView Ethereum Chart

ETH continues in a bearish trend in its short-term outlook. $ 199.00 in the refueling area was the point where the bullish pressure was lost, which started on the 29th, after the spinning of the top to $ 195.76 in the required area. Bear pressure gives ETHUSD a minimum of $ 195.61 in the demand area, but the bulls have gradually staged a late return yesterday.

ETHUSD rose to $ 198.10 at the start but the 1-hour opening candle closed like an inverted hammer, a sign of a bearish return.

The marubozu candle was formed at $ 197.23 confirming the acquisition by the bears. The price is lower than the two EMAs and the stochastic oscillator is at 43% and its signal points down – an indication of downward pressure.

Since more candles are formed and closed below the EMA, $ 195.00 in the demand area can be achieved in the short term.

The opinions and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your research.


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