- The Bears are fully in control of the Ethereum market;
- there may be a further reduction in ETH price;
- the price may reverse at $159 price level in case the level holds.
ETH/USD Medium-term Trend: Bearish
Supply Zones: $168, $178, $186,
Demand Zones: $159, $150, $140
ETH is on the bearish trend on the medium-term outlook. The Bullish momentum pushed up Ethereum price and touched $178 price level on April 20. The Bears rejected the increase in ETH price and returned the price to the demand zone of $168 where it was bounced and moved up to the previous high of $178 to form a double top chart pattern.
Increase in Ethereum price was opposed by the Bears second time at $178 level. The currency pair is under the Bears’ pressure, it has penetrated the barrier at $168 level and heading towards the south targeting $159 demand zone.
The 21 periods EMAs has crossed 50 periods EMA downside and the coin is trading under the two EMAs which indicate that bearish momentum is strong in the ETH market. However, the Stochastic Oscillator period 14 is at 20 levels and the signal lines pointing down to indicate a further reduction in Ethereum price.
In case the Bears maintain or increase their pressure and $159 level does not hold, ETH price may decline to $150 level. Should $159 level holds, the price may bounce and the Bulls may take over.
ETH/USD Short-term Trend: Bearish
On the short-term outlook, Ethereum price is Bearish. The double top chart pattern formed on the 1-hour chart is an indication that the bears will hold to the ETH market. The price is currently declining towards $159 level, trading under the 21 period EMA and 50 periods EMA.
The Stochastic Oscillator period 14 is at 40 levels with the signal line bending down which connotes sell signal and a further reduction in ETH price.