Ability to break out at the supply level of $258 by the Bulls will make the coin to rally towards $289 level and this depends on the strength of their momentum
Supply Zones: $258, $289, $318
Demand Zones: $225, $191, $102
ETH/USD Medium-term Trend: Ranging
Ethereum is on the sideways movement on the medium-term outlook. The Bulls and the Bears are at war with each other on the 4-hour chart in the Ethereum market. Ethereum started sideways movement on June 03, after the price fell from the high of $289 level. The Bears momentum became weak and unable to push down the price further. Likewise, the Bulls have no enough momentum that can make the coin rally in the market.
Ethereum price is trading below, above and around the 21 periods EMA and 50 periods EMA as a sign of consolidation market. The Moving Average Convergence and Divergence period 12 with its histogram are horizontally flat at zero levels and the signal lines showing no specific direction; this indicates that consolidation is ongoing in the Ethereum market. Ability to break out at the supply level of $258 by the Bulls will make the coin to rally towards $289 level and this depends on the strength of their momentum.
ETH/USD Short-term Trend: Bullish
On the short-term outlook, ETH price is bullish. Ethereum price reached a low of $225 on June 09. The Bears lose the momentum and the Bulls gained the pressure and propelled the price to the north side. The dynamic support and resistance level was penetrated upside. The coin is currently exposed to the $258 level.
The crypto is trading above the 21 periods EMA and 50 periods EMA as a sign of a bullish trend. The Moving average Convergence Divergence period 12 with its histogram is above zero level and the signal line pointing up to indicate a buy signal.