By
Temitope Olatunji
April 18th, 2024
Ethereum price will reach $178 – $186 supply zone in case the Bulls maintain or increase their momentum. Should the Bears defend $178 level, the coin may consolidate at the zone.
Key Highlights:
- Ethereum price may reach $178;
- the Bulls have taken over the control of the ETH market;
- price correction is inevitable in the ETH market.
ETH/USD Medium-term Trend: Bullish
Supply Zones: $178, $186, $194
Demand Zones: $168, $159, $150
ETH shifts to bullish trend on the medium-term outlook. Ethereum was bearish last three days. The Bulls defended $159 demand zone and prevented the Bears pushing down the currency pair further.
At the same time, the Bulls gained momentum and made the coin rallied towards the former supply zone of $168. It consolidated for a day at the zone. A strong bullish candle emerged at the opening of the market today that broke up $168 price level. At the moment, the crypto is facing $178 supply zone.
The crypto is carrying out pullback to retest the broken level; this is necessary in a trending market in order to continue its movement. The 21 periods EMA is trying to cross the 50 period EMA for the establishment of uptrend movement. The coin is already placed above the two EMAs; that shows a further increase in Ethereum price is possible.
ETH price may reach $178 – $186 supply zone in case the Bulls maintain or increase their momentum. Should the Bears defend $178 level, the coin may consolidate at the zone.
Meanwhile, the Relative Strength Index period 14 is at 70 levels with the signal line pointing down to indicate sell signal which may be a pullback.
ETH/USD Short-term Trend: Bullish
On the short-term outlook, Ethereum price is on the bullish trend. The price is no more under the bearish pressure but a bullish trend. The Bears lost momentum at $159 demand level on April 15. The Bulls gained enough pressure and pushed up the coin to break up the barrier at $168 level and the price is placed above the level.
The 21 periods EMA has crossed the 50 periods EMA upside and the coin is trading above the two EMAs as a confirmation of the bullish trend. However, the Relative Strength Index period 14 is at 70 levels with the signal line bending down which connotes sell signal which may be a price retest.