Ethereum Price Analysis: ETH/USD Consolidates within $242 and $258 Levels, Awaiting a Breakout
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Ethereum Price Analysis: ETH/USD Consolidates within $242 and $258 Levels, Awaiting a Breakout
Key Highlights:
- Sideways movement is ongoing in the Ethereum price;
- there may be a breakout at $242 level;
- breakout is imminent.
ETH/USD Medium-term Trend: Ranging
Supply Zones: $258, $275, $287
Demand Zones: $242, $227, $206
Ethereum resumes sideways movement on the medium-term outlook. Ethereum was bullish last week and the bullish momentum increased the price up to the high of $275. The Bears did not allow Ethereum to go up further, the price was resisted at the mentioned level. Eth price fell to $227 level. It consolidated for some time within $242 and $227 levels.
On May 19, a strong bullish candle emerged that broke up the $242 level and the price moved towards the supply zone of $258 level. At that point, the Bulls lost their momentum again and the Bears’ momentum is weak as well, the price resulted to consolidation within $242 and $258 level.
Ethereum price has formed a descending triangle pattern and the price is trading directly on the 21 periods EMAs and 50 periods. The Relative strength Index period 14 is at 50 levels and the signal lines pointing down to indicate sell signal. The breakout of the price from the triangle is imminent. Should the Bears exert more pressure on Ethereum price, there will be a breakout at the $242 demand level and may target $227 level. In case the $242 level holds, there may be a breakout at $258 level.
ETH/USD Short-term Trend: Ranging
On the short-term outlook, ETH price is on the sideways movement. The coin is range-bound within the demand level of $242 and the supply zone of $258. A descending triangle pattern is formed on the 1-hour chart. Ethereum price is awaiting breakout.
Ethereum price is hovering over the 21 periods EMA and 50 periods EMA within the triangle. The Relative Strength Index period 14, is at 50 levels with the signal line pointing up to indicate a buy signal.
Ethereum Price Analysis: ETH/USD Consolidates within $242 and $258 Levels, Awaiting a Breakout
via https://www.ohnocrypto.com/ Azeez Mustapha, Khareem Sudlow