Ethereum Price Analysis: ETH is Gathering Momentum to soar Higher

Ethereum Price Analysis: ETH is Gathering Momentum to soar Higher

Supply levels: $227, $235, $243
Demand levels: $213, $203, $194

ETH/USD Medium-term Trend: Ranging

ETH made a strong bullish movement to the north, pushed the coin to a higher supply level of $243 yesterday. It was rejected by the bears’ pressure by the formation of the upper long tail candle followed by the bearish candles and the price decreased to the demand level of $213. Rejection of uptrend movement continuation is clearly confirmed at the supply level with strong bearish candles.
The coin started consolidating at the demand level of $213. ETH may move higher today in case the bulls increase their pressure as the price is above 10-day EMA, also it has crossed over 50-day EMA upside.
The RSI 14 is above 40 levels and its signal lines point upward, which indicates an upward movement.

ETH/USD Short-term Trend: Ranging

ETH/USD made a bullish run to the supply level of $243, bears rejected the price to the upward movement with the formation of a bearish engulfing candle as the bears made a fast and smart return to the south.
The coin started consolidating today on the demand level of $213, due to the weak pressure from the bulls and the bears. Should the demand level of $213 is broken the coin will move down to the lower demand level of $203.
The Price is on the 10-day EMA and the 50-day EMA below the 10-day EMA. The RSI 14 is on 50 levels with its signal lines pointing downward which indicates the possibility of downtrend movement.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.