- The bearish trend may continue in the Ethereum market;
- the bears were in control;
- the ETH price may change to an uptrend any time.
ETH/USD Long-term Trend: Bearish
Supply levels: $150, $190, $224
Demand levels: $102, $90, $75Ethereum price is going down on the long-term outlook. The cryptocurrency has been under the bears’ pressure for more than a week. Since November 14, after the coin broke out of consolidation phase the bulls have lost total control on ETH market and ETH price has been making lower lows.
Ethereum price was at $140 last week and it refused to respect this historical level, it has gone down lower to the demand level of $102. From the daily chart, the relative strength index is in the range below 20. This implies that ETH price is in the oversold level of the market and the price is likely to go lower.
The 50-day EMA still remain above the 21-day EMA and ETH price is below the 21-day EMA with the two EMAs fanned apart which indicates that the bearish pressure is increasing.
The coin will continue its bearish trend as long as relative strength index remains in the oversold level. ETH price is likely to reach $90 as long the bears maintain their pressure.
ETH/USD Medium-term Trend: Bearish
On the 4-Hour chart, ETH/USD is on a bearish trend. The bulls push the Ethereum price up on November 25 but were resisted by the dynamic resistant (21-day EMA) and the price moved to the low of $102. Though the relative strength index is above 20 levels with the signal line point upside may be a pullback signal but the ETH price is under 21-day EMA and 50-day EMA is an indication that the bearish trend may continue.