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Ethereum faces negative pressure – Analysis - 23-01-2018
Ethereum price returned to provide negative trades after finding solid resistance at 1068.00, to test the key support 958.00 now, which represents 50% Fibonacci correction level for the rise measured from 492.02 to 1424.30, which means that breaking it will push the price to visit 848.14 level direct.
The EMA50 forms negative pressure against the intraday trades, while stochastic provides clear positive signals on the four hours’ time frame, thus, this contradiction between the technical factors makes us prefer staying aside until getting clearer signal for the next trend, which we will get through breaching one of the next trend keys represented by 958.00 support and 1068.00 resistance, noting that breaching this resistance will confirm regaining the main bullish trend that its next target located at 1204.00.
Expected trading range for today is between 900.00 support and 1068.00 resistance
Expected trend for today: Neutral
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