Ethereum Price Analysis: ETH/USD Price Ranges Within $258-$227 Levels, Expecting a Breakout
The bullish breakout at $227 supply zone is envisaged should the Bulls gain enough pressure and Ethereum price may rally to the previous level of $289. In case the Bears continue to defend the $227 level consolidation may continue.
Key Highlights:
ETH/USD Medium-term Trend: Ranging
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
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.
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