A bullish breakout at the supply level of $178 will make Ethereum price to reach $186. Likewise, a bearish breakout at the demand level of $168 will make the ETH price decline towards $159 price level.
Key Highlights:
- Ethereum price may break out at $178;
- ETH is range-bound within $178 and $168 price level;
- the price may reverse at $178 price level.
ETH/USD Medium-term Trend: Ranging
Supply Zones: $178, $186, $194
Demand Zones: $168, $159, $150
The two EMAs have come close to each other, flat horizontally within the range without showing direction. The coin is hovering over 21 periods EMA and 50 periods EMA as an indication that consolidation is ongoing in the ETH market.
Nevertheless, the Stochastic Oscillator period 14 is at 60 and the signal lines pointing up to indicate a buy signal. Certainly, a breakout is imminent; a bullish breakout at the supply level of $178 will make Ethereum price to reach $186. Likewise, a bearish breakout at the demand level of $168 will make the ETH price decline towards $159 price level.
ETH/USD Short-term Trend: Ranging
The ETH/USD is trading over, under and above the 21 periods EMA and 50 periods EMA as a sideways movement signal in the ETH market on the 1-hour chart. However, the Stochastic Oscillator period 14 is at 60 levels with the signal line bending up which connotes buy signal.
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