Increase in the bearish momentum will drop Ethereum price at the demand level of $131 in case $134 price level does not hold. Should the Bulls defend the demand level of $134; the ETH price may roll up towards the supply zone of $140.
Key Highlights:
- The Bears took over ETH market at $140 price level;
- Ethereum price may reach $131 level;
- price retracement is inevitable in a trending market.
ETH/USD Medium-term Trend: Bearish
Supply Zones: $136, $140, $143
Demand Zones: $134, $131, $128
Ethereum price is trading below the 21 periods EMA and 50 periods EMA and the two EMAs are gradually separating from each other as a sign of increase bearish momentum. The Relative strength Index period 14 is below 40 with the signal line bending down which indicate sell signal.
The price retracement is inevitable in a trending market. Increase in the bearish momentum will drop the price at the demand level of $131 in case $134 price level does not hold. Should the Bulls defend the demand level of $134; Ethereum price may roll up towards the supply zone of $140.
ETH/USD Short-term Trend: Bearish
The two EMAs are separated from each other and the coin is found below 21 periods EMA and 50 period EMA. The RSI is around 40 levels about turning down to indicate sell signal.
next