Price Analysis: Ethereum in the hand of the Bears!, Will ETH Break Key Support Level?

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Price Analysis: Ethereum in the hand of the Bears!, Will ETH Break Key Support Level?
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Supply levels: $131, $146, $164

Demand levels: $109, $94, $79

ETH/USD Medium-term Trend: Bullish

On the medium-term outlook, ETH is on its bullish trend. As long as the ETH price is above the 21-day EMA and 50-day EMA, it is on the bullish trend. The cryptocurrency fell to the low of $79 demand level on December 7, consolidated for some days within the range of $94 and $79 price level. On December 17 the bulls gathered momentum (this is noticed on the 4-Hour chart with the formation of a bullish engulfing candle) and the coin began to make higher highs move to the north. Much former resistance level was broken upside such as; $94, $109, $131, $146, the bullish move was extended to $164 supply level where the further increase was rejected, which is confirmed with the formation of inverted pin bar.

ETH price was further pushed down today below $131 as the massive bearish candle formed at the 4-Hour opening market. Ethereum is not yet fully below the 21-day EMA and 50-day EMA.  However, the MACD period 12 is below zero levels with its signal lines pointing downside which indicates a sell signal

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The coin will have the demand level of $109 as its target should the bearish momentum is sustained in the ETH market, else the coin will resume its uptrend movement.

ETH/USD Short-term Trend: Bearish

 

ETH/USD is bearish on the 1-Hour chart. Yesterday, the coin topped at the supply level of $164, the uptrend was interrupted with the “TOP TWEEZER” candle pattern that returns the ETH price to the south under the bearish momentum, $146 price level was broken downside together with the two EMAs. The coin is already placed below the 21-day EMA and 50 –day EMA with the former crossing the later as a confirmation of downtrend.

Currently, ETH price is consolidating on the supply level of $131. The bearish break out will ride down towards the demand level of $109.  


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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.