By
Chimamanda U. Martha
April 25th, 2024
The Bulls are fully in control of the ETH market and a further increase in Ethereum price above $154 price level is expected except the Bulls lose their momentum.
Key Highlights:
- The Bulls took over the Ethereum market;
- the Bears interrupted the uptrend movement;
- Ethereum price retracement is ongoing in the ETH market.
ETH/USD Medium-term Trend: Bullish
Supply Zones: $154, $161, $163
Demand Zones: $146, $141, $136
On the medium-term outlook, ETH is on the bullish trend. After long days of sideways movement; this started on March 18 and ended on March 29 within the range of $136 and $141 price level. The bulls broke out from the range-bound movement on March 29. $141 price level was penetrated and the coin rallied towards $146 price level.
Further increase in Ethereum price was resisted at the level of $146 and the ETH price consolidated for three days. Today marked the beginning of radical bullish momentum that broke up $146, $154, and $161 price levels with the strong massive bullish candle. Currently, the bears are opposing Ethereum price increase by pushing down the long candle below $154 price level.
The ETH price is trading above the two EMAs and the 21 periods EMA is above the 50 periods EMA which indicate a strong bullish trend. The Stochastic Oscillator period 14 is at 40 levels and the signal lines bending up to indicate buy signal and a further increase in the price. The Bulls are fully in control of the ETH market and a further increase in price above $154 price level is expected except the Bulls lose their momentum.
ETH/USD Short-term Trend: Bullish
On the medium-term outlook, Ethereum price is bullish. The coin was consolidating till the opening of the market this day on the 1-hour chart. Suddenly, the Bulls gained momentum and the coin flew to the north penetrated several barriers such as $146, $154, $161 price level.
The bears opposed the bullish movement and returned Ethereum price back below $154 price level with the formation of the upper long tail candle.
The Stochastic Oscillator period 14 is at 60 levels and the signal lines bending down to indicate sell signal which may be a pullback.