In case the Bears increase their momentum there would be another break out at the $159 price level and then Ethereum will have its support at $150 demand level. In case the bulls defend $159 price level, $168 may be the price target.
Key Highlights:
- There could be a break out at $159 price level in Ethereum market;
- the Bears are in control of the ETH market;
- the price correction is ongoing in the ETH market.
ETH/USD Medium-term Trend: Bearish
Supply Zones: $168, $178, $186
Demand Zones: $159, $150, $140
There was a price rejection by the Bulls and the Bulls’ pressure was not enough to break up the supply zone of $168, then sideways movement began on April 11 till April 15. Yesterday, second to the last 4-Hour candle ended up being a very good looking bearish candle that placed the price at $159 price level.
Today’s first 4-hour candle came out as a bullish which may serve as Ethereum price correction. At the moment, the price is at the level where the price reacted heavily earlier. This means it has a level of potential resistance where the sellers could take advantage.
In case the Bears increase their momentum there would be another break out at the $159 price level and then ETH will have its support at $150 demand level. In case the bulls defend $159 price level, $168 may be the ETH target.
ETH/USD Short-term Trend: Bearish
The 21 periods EMA has crossed the 50 periods EMA downside and the coin is trading below the two EMA as a confirmation of the bearish trend. The Stochastic Oscillator period 14 is at 50 levels with the signal lines facing north to indicate a buy signal.
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