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

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

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

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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