It seems that the Bulls are gathering momentum to break up Ethereum’s supply zone at $289. Should the Bears further defend the $289 supply level, Ethereum price may continue the sideways movement within the range.
Key Highlights:
- Ethereum price is consolidating at $258 – $289 levels;
- the Bulls are prevailing;
- Ethereum price has touched the $289 supply level.
ETH/USD Medium-term Trend: Bullish
Supply Zones: $289, $287, $351
Demand Zones: $258, $318, $191
It seems that the Bulls are gathering momentum to break up the supply zone at $289 in case the level does not hold. Should the Bears further defend the $289 supply level, Ethereum price may continue the sideways movement within the range.
However, Ethereum is trading above the 21 periods EMA and 50 periods EMA, the two EMAs are bending towards the direction of the trend with an increase in the distance between the two; this is a confirmation of the Bulls increased momentum. The Relative Strength Index period 14 is above 70 levels with the signal line bending down to indicate sell signal which may be sell signal.
ETH/USD Short-term Trend: Bullish
The coin is trading above the 21 periods EMA and 50 periods EMA; which indicates bullish momentum, The Relative Strength Index period 14, is at 70 levels with the signal line pointing down to indicate a sell signal, it may be a pullback.
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