Ethereum price may have its target at the previous low of $87 in case the demand level of $109 does not hold. Should the demand level of $109 hold, the ETH price will bounce and rally towards $145 price level.
Key Highlights:
- Consolidation movement confirmed in the Ethereum market;
- the breakout is imminent;
- ETH price may rally towards $145 in case $109 price level holds.
ETH/USD Long-term Trend: Bearish
Supply levels: $131, $146, $164
Demand levels: $109, $87, $82
The bears were in control of the ETH market as it can be seen clearly on the daily chart; Ethereum price is trading below the 21- day EMA and the 50-day EMA with the former crossed the later downside. The stochastic Oscillator period 14 is below 20 levels (oversold level) with its signal lines points down connotes that there will be further declination of ETH price which may have its target at the previous low of $87 in case the demand level of $109 does not hold. Should the demand level of $109 hold, the Ethereum price will bounce and rally towards $145 price level.
ETH/USD Medium-term Trend: Bearish
The 50-day EMA is above the 21-day EMA and the coin is trading below the two EMA as an indication of bears’ pressure in the ETH market. However, the Stochastic Oscillator period 14 is on the 20 levels (oversold level) with the signal lines horizontally flat on the level which indicate that consolidation is ongoing and may continue for a while. Traders should remain flat until the breakout.
next