Should the Bears continue to exert pressure as it is currently displaying, Ethereum price may retest $258 demand level. The interruption of the Bulls to the Bearish current movement will push up the price to reach $289 level.
Key Highlights:
- The Bullish momentum is getting weak;
- Ethereum price is ranging on the 1-hour chart;
- the Bears may take over.
ETH/USD Medium-term Trend: Bullish
Supply Zones: $289, $318, $351
Demand Zones: $258, $225, $191
The two EMAs are following the trend upward and the crypto is trading above the 21 periods EMA and 50 periods EMA with the 21 EMA above the 50 EMA which connotes strong bullish trend in the market of Ethereum. The Stochastic Oscillator period 14 is at 40 levels with the signal lines pointing down to indicate sell signal and reduction in Ethereum price which may be a pullback.
Should the Bears continue to exert pressure as it is currently displaying, the Ethereum price may retest $258 demand level. The interruption of the Bulls to the Bearish current movement will push up the price to reach $289 level.
ETH/USD Short-term Trend: Bullish
The coin is currently ranging on the 21 periods EMA and 50 periods EMA. The coin is making an attempt to cross the two EMAs downside. Meanwhile, the Stochastic Oscillator period 14 is at above 50 levels and the signal lines bending down to indicate sell signal.
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