- The ETHW token price is hovering around the demand zone on a larger time frame.
- The token price is forming a falling wedge pattern on a daily time frame
- The pair of ETHW/BTC is trading at the price level of 0.0000180 with an increase of 0.70% in the past 24 hours.
The ETHW token price, as per the price action, is bullish on a lower time frame. On a larger time frame, the token is still in a bearish trajectory as it has fallen back to the demand zone after facing strong bearish pressure. The ETHW token price is trading at the demand zone forming lower low and lower high formations on a daily time frame.
The token price is facing continuous rejection of the white downward sloping trendline acting as a strong supply zone. The token price is currently trading above the long-term demand zone, after bouncing off it in the past trading days. At present, the ETHW token price is trading below the 50 and 100 Moving Averages. The recent breakdown in the global cryptocurrency market has led to the breakdown of the 50 and 100 Moving Averages. Moving upwards the token price can be seen facing strong rejection from these MAs.
Currently, the ETHW token price is trading at the lower band of the Bollinger band indicator after failing to sustain at the upper band. The ETHW token price has gone below the 14 SMA indicating bearish momentum to foray in the upcoming trading days. Volumes have increased as the token price fell. Therefore investors should remain cautious and let volatility settle and then act accordingly.
The ETHW token price is forming a falling wedge pattern on a daily time frame
Supertrend: The ETHW token price has turned bearish as it failed to surpass the supply zone forming a strong bearish candlestick pattern on a daily time frame. Recent bearishness resulted in the ETHW token price falling below the important short-term demand zone. Previously the ETHW token price was resting on the super trend by line. As the token price fell, the super trend indicator triggered a sell signal. As of now, the ETHW token price is trading below the super trend sell line, and moving upwards the token price can be seen facing rejections off the super trend line.
Moving Average Convergence Divergence: Recent breakdown in the price of ETHW tokens seems to be real as the MACD indicator has triggered a negative crossover. The orange line crossed the blue line on the upside indicating bearish momentum in the upcoming days. If the token price can sustain above the current long-term demand zone, then the MACD indicator can be seen to turn positive. If the ETHW token price fails to hold the current price levels and falls below the demand zone, the MACD line can be seen widening supporting the breakdown.
Average Directional Movement Index: The ADX curve has been on a downward trajectory for the past couple of weeks. This comes after the token price fell from the supply zone facing strong bearish pressure. As of now, the ADX curve has turned upwards indicating a halt in the price movement and possible change in the price structure. The token price had formed a bullish chart pattern on a daily time frame. If it gives a breakout of the falling wedge pattern, then the ADX curve can be seen running upwards supporting the trend.
Conclusion: The ETHW token price is trading at the demand zone on a daily time frame. As the price action suggests the token is forming a bullish chart pattern. The technical parameters are bearish, depicting the ETHW token price trend. It remains to see if the token price sustains above the demand zone or fails to do so and falls below it.Investors should remain cautious and wait for a proper signal and then act accordingly.
Support: $3.05 and $2.95
Resistance: $4.26 and $4.56
