By
Temitope Olatunji
April 18th, 2024
In case the demand level of $146 does not hold the Ethereum price may find its support at $131 – $109 price level.
Key Highlights:
- Ethereum price continue its bullish trend;
- the bulls hold tight to the ETH market;
- consolidation confirmed on the daily chart.
ETH/USD Long-term Trend: Bullish
Supply levels: $164, $187, $213
Demand levels: $146, $131, $109
On the long-term outlook, ETH/USD remains bullish. The bullish engulfing Japanese candle formed on December 28 put the coin at the high of $146 price level where it consolidated for four days within $146 and $131 price level. On January 01 the bulls gathered momentum and pushed the Ethereum price towards $164 supply level after broken up the $146 price level and the coin started consolidating within the range of $164 and $146 price level.
The 21-day EMA is crossing the 50-day EMA upside and the ETH price is above the two EMAs an indication that the bulls are in control of the ETH market. The Stochastic Oscillator period 14 is at 80 levels and the signal lines pointing down indicates sell signal which may serve as a pullback before bullish momentum continues.
In case the demand level of $146 does not hold the Ethereum price may find its support at $131 – $109 price level. On the other hand, the break out of the ETH price at $164 supply level may place the price at the high of $187 – $213.
ETH/USD Medium-term Trend: Bullish
ETH/USD maintains its bullish trend on the medium-term outlook, The bullish momentum continues steadily on the medium-term as the ETH price remains above the two EMAs. The 21-day EMA and 50-day EMA are well separated facing north.
There was a price retracement towards the demand level of $109 on December 27 which took the Ethereum price below the two EMAs but the bears could not sustain the pressure. The bullish momentum was restored; the price was pushed up to the $164 supply level.
The Stochastic Oscillator period 14 is below 20 (oversold level) pointing down indicates sell signal which may be price retracement that may likely reach the $146 demand level. Traders may look out for the opportunity to go long after the price retracement.