Ethereum Medium-term Trend: Bearish
Supply zones: $600, $650, $700
Demand zones: $450, $400, $350
Ethereum continues in a downtrend in the medium-term outlook. The $450.00 demand zone was attained by the bears as predicted in yesterday analysis. The formation of a pinbar at this area brought back the bulls. Price was pushed to $495.29 in the supply area. Ethereum is in a downward channel as you can see from the chart and price is at the upper trendline.
The Stochastic Oscillator is in the overbought region at 73 percent. Its signal points down, which means downward momentum. Daily opening price is $475.15 compared to yesterday opening of $490.35. This implies that more sellers are present for further downward movement in price. $450 demand zone may likely be retested in the medium-term
Ethereum short-term Trend: Ranging
Ethereum is consolidating in the short-term outlook. The bears broke the lower demand area of yesterday range but could not sustain the momentum. As the bulls returned with increased momentum at the $450 demand area, the cryptocurrency was pushed high to $490.00 in the supply area.
Ethereum is trading between $495.00 of the upper supply area and $450.00 of the lower demand area of the range. Traders should exercise patience in trading within the range with a good scalping strategy or wait for a breakout to the upside for a long position or a breakdown from the lower range for a short position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.