Ethereum (ETH) Price Analysis: Bullish Breakout Imminent

Ethereum (ETH) Price Analysis: Bullish Breakout Imminent

Supply levels: $216, $218, $222

Demand levels: $208, $204, $198

ETH/USD Medium-term Trend: Ranging

The cryptocurrency is ranging on the 4-Hour chart. The coin has been consolidating for more than three days. Ethereum started consolidating immediately after the bears rejected further increase in ETH price with the formation of a bearish hammer at the supply level of $222 that brought the price from the high of $222 down below the supply level of $216. Ethereum price is ranging between the supply level of $216 and the demand level of $208.

Today, the coin is trading in between the dynamic resistance and support (21-day EMA and 50-day EMA) in which the two EMAs are parallel and close to each other which indicate that the consolidation is ongoing. Nevertheless, the Stochastic Oscillator period 14 is above 40 levels with its signal lines pointing to the south which connotes sell signal.

In case the bears gain pressure and break the demand level of $208 downside the coin may have its low at the demand level of $204. In the same vein, if the bulls push the ETH price to the north and break up the supply level of $216, the coin will have the supply level of $218 as its target. Breakout to the north by the bulls or breakout to the south by the bears is imminent traders should watch out.

ETH/USD Short-term Trend: Ranging

ETH/USD is also ranging on the 1-Hour chart. The grave Doji candle formed on the November 10 led to the ranging of the ETH price. It is clearly seen on the 1-Hour chart that 21-day EMA and 50-day EMA were interlocked as an evidence of consolidation in the ETH market.

ETH Price is below 21-day EMA and the 50-day EMA, the Stochastic Oscillator period 14 is below 40 levels with its signal lines pointing upward which indicates the possibility of ETH going up.

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