Ethereum Price Analysis: ETH/USD Price Ranges Within $258-$227 Levels, Expecting a Breakout
- Consolidation is ongoing in the Ethereum market;
- Ethereum price may break out at $227 level;
- in case the Bears continue to defend $227 level, sideways movement may continue.
ETH/USD Medium-term Trend: Ranging
Supply Zones: $227, $289, $318, $351
Demand Zones: $258, $245, $225, $191On the medium-term outlook, Ethereum is ranging. There have not been significant increases in Ethereum price for some days due to low Bulls’ momentum and the Bears’ pressure. The coin has been range-bound within the demand zone of $258 and the supply zone of $227.
The sideways movement started on June 16 when the bullish momentum pushed up the coin to reach the high of $227 supply zone and the Bears opposed the increase with the formation of strong bearish candle that returned the price to the previous low of $258 level.
The 21 periods EMA and 50 periods EMA remain flat within the range showing no specific direction and Ethereum price is trading on and around the two EMAs. This indicates that the sideways movement is ongoing in the Ethereum market. The Stochastic Oscillator period 14 is above 40 levels with the signal lines twisted to each other to indicate sideways movement.
The bullish breakout at $227 supply zone is envisaged should the Bulls gain enough pressure and the price may rally to the previous level reached on May 30 ($289). In case the Bears continue to defend the $227 level consolidation may continue.
ETH/USD Short-term Trend: Ranging
ETH price is consolidating on the short-term outlook. The Bullish momentum was exhausted at $227 supply zone when the bullish trend was resisted and interrupted by the Bears on June 16. The momentum of the Bulls became low and the pressure of the Bears is not enough to break down the $258 price level. This scenario led to the consolidation movement on the 1-hour chart in the Ethereum market.
The coin is hovering over the two EMAs and the EMAs are interlocked to each other, this confirms that consolidation is ongoing in the Ethereum market.