In case the Bulls lose their momentum and the $187 level does not hold, the Bears will push Ethereum price down to $178. However, a further increase in the Bulls’ momentum may push up the price to break up $194 level and expose $201.
Key Highlights:
- The Bulls are now fully in control of the Ethereum market;
- price retracement is inevitable;
- Ethereum price may further increase to $194 price level in case $186 level holds.
ETH/USD Medium-term Trend: Bullish
Supply Zones: $194, $201, $208
Demand Zones: $186, $178, $150
The Bulls prevailed over the Bears by gaining more momentum than the Bears. Strong bullish candles emerged and broke up the $178 level and $187 level. The bullish momentum extended to the $194 before the Bears reacted to the price increase and Ethereum price was placed near $186 level.
The 21 periods EMAs and 50 periods EMA pointing up with Ethereum price trading above the two EMAs as a sign of a bullish trend. The Moving Average Convergence Divergence period 12 is above zero levels with its signal lines pointing up to indicate buy signal and continuation of Ethereum price increase.
The pullback is inevitable in a trending market and that is what Ethereum market is experiencing at the moment. In case the Bulls lose their momentum and the $187 level does not hold, the Bears will push the ETH price down to $178. However, a further increase in the Bulls’ momentum may push up the price to break up $194 level and expose $201.
ETH/USD Short-term Trend: Bullish
The MACD period 12 with its histogram is above zero levels and the signal lines making an attempt to bend down which may be a pullback.
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