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Price wise and ETH is still in bear territory losing seven percent in the last week. Although we remain positive thanks to the reinvigoration of price following Monday’s resuscitations, our last ETH/USD price analysis is valid.
Considering the way candlesticks are arranged and the fact that prices are still finding strong resistance at $250–$300 and support at around $160-$200 levels, patience is key.
Further backing this stand are prices that have been in consolidation mode and the failure of buyers to reverse week ending Sep 23 losses in the last one month. Moving on, despite the upbeat sentiments, bears are technically in charge but since we had taken a neutral stand, we shall maintain the same forecast as we wait for favorable break outs in either direction.
Of course, given the bear run of the last month, it’s likely that prices would recovery but a mix of fundamental and technical events would determine the speed of a recovery or further meltdowns.
