Ethereum Price Analysis: ETH Market may target $94 price level again

Ethereum Price Analysis: ETH Market may target $94 price level again

Supply levels: $131, $146, $164

Demand levels: $109, $94, $82

ETH/USD Medium-term Trend: Bearish

The trend on the medium-term outlook turned bearish. The bullish momentum on the ETH market was clearly noticed last week on the 4-Hour chart as the ETH price was making higher highs movement. This was terminated by the bears at the supply level of $164 as the strong bullish candle turned to upper long tail inverted pin bar followed by strong bearish candles that broke downside the former demand levels of $146, $131 on December 25. The crypto consolidated at the $131 price level till December 27 before it decreased further below the two EMAs.

The 21-day EMA is bending towards the 50-day EMA with the coin trading below the two EMAs in a consolidation mode indicating that the bears’ pressure is increasing. However, the Stochastic Oscillator period 14 is at oversold region (below 20 levels) with signal lines pointing up, which indicate buy signal.  In case the bears succeed in the break down of the demand level of $109 the coin will find its low at $94 demand level.

ETH/USD Short-term Trend: Bearish

On the short-term outlook, ETH is on the bearish trend. The bears took over the control of the ETH market on December 25, when a bearish “Tweezer top” candle pattern formed followed by a strong bearish candle that penetrated the two EMAs and the supply level of $131 downside. On the same day, the 21-day EMA which was above the 50-day EMA before crossed its downside as a confirmation of a downtrend and the coin started making lower lows down the market towards $109 demand level.  

ETH price is below the two EMAs. However, the stochastic period 14 is above 60 levels with the signal lines pointing to the north which connotes buy signal which may be a pullback.

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