A bullish breakout at the supply level of $178 will make Ethereum price to reach $186. Likewise, a bearish breakout at the demand level of $168 will make the ETH price decline towards $159 price level.
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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.
In case the Bears increase their momentum there would be another break out at the $159 price level and then Ethereum will have its support at $150 demand level. In case the bulls defend $159 price level, $168 may be the price target.
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Should the Bears maintain its pressure and push Ethereum to break down the $159 price level, then the coin will have its target at $150 demand level. In case the $159 price level holds, Ethereum price will bounce and the Bulls may take over the market.
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In case the Bears were able to break down the drawn trend line, 21 periods EMA and $168 price level, then, Ethereum price will reach $159 demand zone. Otherwise, the bullish trend will continue.
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Ethereum price will reach $178 price level in case the Bulls are able to break up the $168 price level. Lose in the Bulls’ momentum will return the coin to its previous low of $141 price level.
The Bulls are fully in control of the ETH market and a further increase in Ethereum price above $154 price level is expected except the Bulls lose their momentum.
On Tuesday, Bitcoin price jumped nearly 20% in just under an hour registering massive recovery after heavy consolidation. Along with Bitcoin, altcoins too have joined the bull show.
The increase in Bullish momentum will increase Ethereum price to reach $143 – $146 price level. In case the Bears defend supply level of $140, the ETH price will decline towards $136 – $134 price level.
Ethereum is struggling hard, says Dmitriy Gurkovskiy, chief analyst at RoboForex.