- 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
Ethereum is bearish on the medium-term outlook. Ethereum was bullish and reached a high of $289 on May 30. A bullish engulfing candle formed triggered the bearish movement that dropped the coin below $258 level. The Bulls rejected the price declination and pushed the coin back but lost the momentum and the price started consolidating at $258 level for some days.
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
On the short-term outlook, ETH price is bearish. After several days of consolidation, the coin broke out at $258 level with the aid of the Bears’ momentum; the price is decreasing towards the demand level of $225. Further decrease in Ethereum price is highly envisaged as the histogram of the Moving Average Convergence Divergence period 12 is below zero levels and the signal lines pointing down which indicates sell signal and a further decrease in price.
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.