Should the bulls succeed in breaking up the supply level of $103, Ethereum price will rally to the north and target the strong supply level of $131.
Key Highlights:
- Ethereum price is consolidating;
- ETH price may target $131 price level as its high;
- the bearish trend may continue in the ETH market.
ETH/USD Long-term Trend: Bearish
Supply levels: $103, $131, $157
Demand levels: $79, $60, $47
Currently, strong bullish candles are emerging, pushing the ETH price towards the supply level of $103 which is an indication that bulls are gradually gaining momentum. Should the bulls succeed in breaking up the supply level of $103, it will rally to the north and target the strong supply level of $131. In case the bears defend the price level of $103 and the price bounce to break the demand level of $79 downside, Ethereum price will have its low at $60 demand level.
The 50-day EMA remain above the 20-day EMA while the ETH price is below the two EMAs far apart from each other which indicate that the crypto is under a strong bearish pressure. The Relative Strength Index period 14 is at 40 levels parallel to the level without direction indicates that consolidation is ongoing. Traders should be patient and be on the lookout for the breakout to take a position.
ETH/USD Medium-term Trend: Bullish
Ethereum price is currently above the 50-day EMA while the 21-day EMA is below making an attempt to cross upside the 50-day EMA which indicates that the bulls are gaining momentum in order to change the trend to an uptrend. However, the Relative Strength Index is above 60 levels bending down indicates sell signal which may be a pullback after which the uptrend may continue.
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