Ethereum Price Analysis: ETH/USD May Break Up $351 Level and Target $377
- Ethereum is consolidating within $351 and $318 price levels;
- Ethereum price broke up the barrier at $318 level;
- the Bulls are fully in control of the Ethereum market.
ETH/USD Medium-term Trend: Bullish
Supply Zones: $351, $377, $406
Demand Zones: $318, $289, $258Ethereum is bullish on the medium-term outlook. After the breakout at the $289 price level; the Bulls pushed the price to rally to $318 level. The coin consolidated for many days at that level. On June 26, Strong big bullish candles were produced and this bullish momentum increased and the price broke up the $318 level, the bullish momentum extended to the high of $351.
The Bulls broke up the $351price level. The Bears would not agree with Ethereum price increase; a big massive bearish candle was produced which returned the price below the $318 before it is returned to the mark above the $318 demand level.
The Stochastic Oscillator period 14 is above 40 levels with the signal lines bending to the south which indicate a sell signal which may be a price retracement. The crypto is trading above the 21 periods EMA and 50 periods EMA at a distance to each other which indicates bullish pressure. Ethereum price surpassed the barrier at $318 level, price retracement is done by the Bears, and the Bulls may break up $351 level and target $375.
ETH/USD Short-term Trend: Bullish
ETH price is bullish on the short-term outlook. The broke out of the Ethereum at the $318 price level after the consolidation placed the coin at the supply level of $377. The Bulls could not retain the price level because of the Bears’ pressure. Ethereum price dropped suddenly to $318. The Bulls and the Bears’ momentum became weak and consolidation began.
Currently, Ethereum is ranging within the $351 supply level and $318 demand level. The crypto is trading in-between 21 periods EMA and 50 periods EMA with the two EMAs close to each other which indicates that consolidation is ongoing in the Ethereum market. The Stochastic Oscillator period 14 is at 40 levels and the signal lines interlocked to each other as a sign of consolidation.