The price of Ethereum had been on a downward correction in the last four days. On April 8, the bulls reached a high of $187.98 and were resisted. The ETH price fell to the low at $165.60 and at the support of the 12-day EMA. Today, the ETH price is testing the 12-day EMA support level.
On the upside, if the 12-day EMA support level is holding, the bulls will resume its bullish trend and retest the $184 resistance level. On the other hand, if the bearish trend is continuing, the 12-day EMA support level will be broken and the price will fall to the lows of either $155 or $160 price level.
Meanwhile, the stochastic band is at the overbought region but below the 80% range. This indicates that the price is in a bearish momentum and a sell signal.
On the 4-hour chart, the price of Ethereum is in a bearish trend zone. The price of Ethereum fell below the 12-day EMA and the 26-day EMA and commenced a range bound movement. The crypto's price is ranging above the $164.24 price level. Today, the ETH price is in a bullish trend attempting to break above the EMAs.
The ETH price will resume its bullish trend if the bulls break above the EMAs. The crypto's price will fall if the bulls fail to break above the EMAs. Meanwhile, the stochastic indicator is at the oversold region but above the 20% range which indicates that the crypto is in a bullish momentum and a buy signal.
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