Constant high momentum from the Bears will push down Ethereum price further and it may reach the demand level of $225 provided there is no much interruption from the Bulls. In case the demand level of $225 holds the price may bounce.
Key Highlights:
- Ethereum price is consolidating at $258 – $289 levels;
- the Bulls are prevailing;
- Ethereum price has touched the $289 supply level.
ETH/USD Medium-term Trend: Bearish
Supply Zones: $258, $289, $287
Demand Zones: $318, $191, $102
On June 03, the Bulls gave way to the Bears because they could not withstand the pressure of the Bears at $258 level, then, the strong bearish candle broke down the former demand level of $258 level and Ethereum price exposed to $225 level.
Constant high momentum from the Bears will push down Ethereum price further and it may reach the demand level of $225 provided there is no much interruption from the Bulls. In case the demand level of $225 holds the price may bounce. Ethereum is currently trading below the 21 periods EMA and 50 periods EMA, the former is trying to cross the former downside as a sign of bearish movement.
ETH/USD Short-term Trend: Bearish
The 21 periods EMA has crossed the 50 periods EMA downside and Ethereum price is trading below the two EMAs; which indicates strong bearish momentum.
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