The ETH market could again direct the price level to $ 94

Offer levels: $ 131, $ 146, $ 164

Demand levels: $ 109, $ 94, $ 82

Medium-term trend ETH / USD: bearish

The medium-term trend has become bearish. The bullish momentum on the ETH market was clearly noted last week on the 4-hour chart as the ETH price increased. This was solved by the $ 164 bid offer when the strong bullish candle turned into a long-tailed inverted pin followed by strong bearish candles that broke previous demand levels of $ 146, $ 131 on 25 December. $ 131 price level until December 27 before it declined further below the two EMAs.

The 21-day EMA is bending towards the 50-day EMA by trading the currencies under the two EMAs in a consolidation mode that indicates that bear pressure is increasing. However, the period 14 of the stochastic oscillator is located in the oversold region (below 20 levels) with upward signal lines indicating the purchase signal. In the event that the bears succeed in splitting the demand level of $ 109, the currency will find its minimum at $ 94 in demand.

Short-term trend ETH / USD: bearish

Regarding the short-term prospects, ETH is in a bearish trend. The bears took control of the ETH market on December 25, when a bearish "Tweezer top" candle pattern was formed followed by a strong bearish candle that penetrated the two EMAs and the bid level of $ 131 lower. On the same day, the 21-day EMA which was above the 50-day EMA has exceeded its downside as a confirmation of a downtrend and the currency has started to fall to the downside of the market towards application level of $ 109.

The ETH price is lower than the two EMAs. However, the stochastic period 14 is more than 60 levels with the signal lines pointing north that connotes the purchase signal that can be a pullback.