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In case the Bulls gain enough momentum to push up Ethereum price and break the upper trend line of the triangle and sustain the momentum, the ETH price may reach $149 – $161; otherwise, the bearish breakout will target $134.
Further increase in the Bullish pressure will penetrate the supply zone of $149 and may target $161 price level. On the other hand, in case the Bulls lose their pressure Ethereum price may continue ranging towards $134 demand zone.
Ethereum needs support, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
Radical pressure is required from the bears to break down the $134 demand level; this will enable Ethereum price to find support at $125. If the $134 demand level holds and the bulls gain momentum, ETH may have the supply zone of $149 as its target.
In his answer letter, Jay Clayton opens up on defining ICO tokens as securities saying that there cannot be a static approach to deal with different crypto assets. Meanwhile, according to the agency’s laws, Ethereum is not the case.
In case Ethereum price goes down below $134 with the bearish candle close below the level right down there, then the bears will drive ETH price towards $125 price level. If there is a rejection at $134, then the ranging movement may continue.
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In case the Bulls maintain or increase their momentum, Ethereum price will reach its target of $149 supply zone. The loss of bullish momentum will make the coin range towards the previous low of $125 price level.
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Further increase in bearish pressure will make the demand zone of $114 as the target for Ethereum price. The loss of bearish momentum will make the coin to range towards $149 price level.
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