Ethereum Price Analysis: ETH/USD May Break Up $351 Level and Target $377
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.
Key Highlights:
ETH/USD Medium-term Trend: Bullish
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
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.
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