Ethereum is down almost fourteen dollars ($14) from the start of the day where the ETH price was trading at two hundred and sixty-two dollars against the United States dollar.
The analysis of Ethereum price reveals that it is ranging between two hundred and forty-two dollars ($242) and two hundred and fifty-eight dollars ($258).
The medium-term analysis indicates the ETH/USD pair supply zones areas to be somewhat above two hundred fifty dollars ($258, $275, $287) and the demand zone areas are expected to be below the range of two hundred and fifty dollars ($242, $227, $206).
The demand zone of two hundred and forty-two dollars ($242) was expected to be declined further, but bears prevented. If the level of demand drops down from two hundred and forty-two ($242), the next target demand will be two hundred and twenty-seven dollars ($272).
At this point, bulls can exert pressure to defend the demand level and make ETH price stable. So far, the crypto is seen trading between the range 21 periods EMA and 50 periods EMA.
The short term price analysis has revealed the bearish trends for ETH and the coin is expected to break the crucial point to $242 and will fall to $227 as explained previously. The 21 periods EMA has surpassed the 50 periods EMA and this indicates that the market is not surging for ETH and the RSI appears to above 30 levels that shows sell signals.