- Ethereum price pulled back at $186 in the ETH market;
- the Bears interrupted the uptrend movement;
- price retracement is ongoing in the ETH market.
ETH/USD Medium-term Trend: Bearish
Supply Zones: $168, $178, $186
Demand Zones: $159, $150, $140
On the medium-term outlook, ETH is on the bearish trend. The bullish momentum extended Ethereum price to $186 on April 8. It experienced pullback towards broken price level at $178. The bulls momentum pushed up the coin to touch $186 price level the second time to form double top candle pattern on the 4-hour chart.
The Bulls lost momentum at the supply zone of $186 and the Bears took over the market. The ETH price fell from $186 price level down below $168 price level. Ethereum price currently exposes to the demand level of $159.
The ETH price has crossed over the two EMAs downside while the 21 periods EMA is above the 50 periods EMA. The 21 periods EMA is trying to cross over the 50 periods EMA so as to establish downtrend movement in the ETH market.
The Stochastic Oscillator period 14 is at 20 levels with its signal lines point down to indicate sell signal and further declination of the price.
Should the Bears maintain its pressure and push the coin to break down the $159 price level, then ETH will have its target at $150 demand level. In case the $159 price level holds the price will bounce and the Bulls may take over the market.
ETH/USD Short-term Trend: Bearish
On the short-term outlook, Ethereum price is on the bearish. The Bulls double topped ETH at $186 price level on April 8 and April 10. The Bears rejected further increase in the price of ETH by the formation of strong bearish candles; that pushed the coin down below $168 price level.
The price is currently moving towards $159 demand level. The 21 periods EMA has crossed over the 50 periods EMA downside and the coin is trading below the two EMA as a confirmation of the bearish trend.