- The Bulls are still in control of the Ethereum market;
- the Bears interrupted the uptrend movement;
- price retracement is ongoing in the ETH market.
ETH/USD Medium-term Trend: Bullish
Supply Zones: $168, $178, $187
Demand Zones: $161, $154, $146
On the medium-term outlook, ETH is on the bullish trend. The bullish breakout that happened on April 2 topped the coin at the supply zone of $178. The Bulls could not penetrate the resistance at the zone due to the Bears’ opposition.
A bearish candle that emerged after the opposition pushed Ethereum price down below $154 demand zone. Further price declination was rejected by the Bulls and the price is currently moving towards $168 supply zone.
The two EMAs are well separated and the ETH price maintains its position above the 21 periods EMA and the 50 periods EMA which connotes a strong bullish trend. Meanwhile the Relative Strength index period 14 is at 60 levels and the signal lines pointing up to indicate buy signal and continuation of an uptrend.
Continuation of the bullish trend in the ETH market depends on the sustainability of the Bulls’ momentum; 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.
ETH/USD Short-term Trend: Bearish
On the short-term outlook, ETH price is bearish. The bullish momentum received a pullback at $178 supply zone on April 3; it was pushed down to $163 on April 3. There was seven hours consolidation before the Bulls propelled the price to the previous high of $178 price level.
The Bears did not relent effort, rejected further increase in Ethereum price and the price forcefully brought below $163 price level after it penetrated $168 and the dynamic support level.
The coin is found below the two EMAs consolidating. The Relative strength index period 14 is at 40 levels and the signal lines bending down to indicate sell signal.