- The Bulls have taken over the Ethereum market;
- the Bears lose momentum after the consolidations;
- ETH price resumed uptrend movement.
ETH/USD Long-term Trend: Bullish
Supply levels: $134, $149, $163
Demand levels: $114, $101, $85
ETH/USD changed to an uptrend on the long-term outlook. The crypto was consolidating since January 28 – February 07 within the price range of $101 and $114. The morning Doji star candle pattern was formed at the demand level of $101 as an indication that the bulls were ready to take over the ETH market. Then, the bullish momentum pushed up Ethereum price and broke up $114 price level on February 8. The coin is currently facing the supply level of $134 observing a pullback.
The 21-day EMA has not crossed the 50-day EMA upside but rather making attempt to cross over in which Ethereum price is trading above the two EMAs which confirm the uptrend. The relative strength index period 14 is at 52 levels and its signal line pointing down which indicate sell signal. Continuation of bullish trend is guaranteed as long as the bulls maintain or increase their pressure, otherwise, in case the bears reject a further increase in ETH price, the coin will found its support at $101 price level.
ETH/USD Medium-term Trend: Bullish
Ethereum price is on the bullish trend on the 4-Hour chart. The Bulls took over the ETH market last week. Increase in bullish momentum made the ETH/USD breakout of the ranging zone. The massive strong bullish candle broke up the $114 price level and the coin was topped above the $128 price level. The bears rejected the increase in the price of ETH.
The 21-day EMA has already crossed the 50-day EMA upside confirming the change of trend to bullish and ETH price is above the two EMAs making higher highs movement. The relative strength index period 14 is below 60 levels and its signal line pointing down indicates sell signal which may be a pullback.
The Bulls have taken over the Ethereum market;
the Bears lose momentum after the consolidations; ETH price resumed uptrend movement. ETH/USD Long-term […]