Ethereum Medium-term Trend: Bullish
Supply zones: $700, $750, $750
Demand zones: $450, $400, $350
Ethereum resumes bullish trend in the medium-term outlook. The bullish pressure did come as predicted yesterday and broke the upper supply area of yesterday range. The Ethereum price was up to $536.00 in the supply area from $493.00 in the demand area. The formation of a double top at this area means a reversal in price movement. The bears' came back but with weak pressure as the 12-day EMA was a strong support against further downward price movement.
The break of the $500.00 critical zone may be the commencement of the journey to the north. Daily opening price was $517.12, above the two EMAs, this indicates more buyers presence and pressure. The stochastic oscillator is in the overbought region at 84 percent. Its signals point up. This implies upward momentum. We are likely to see upward movement in price due to the bulls’ pressure in the medium-term.
Ethereum short-term Trend: Bullish
Ethereum is bullish in the short-term outlook. The cryptocurrency price was up as the bullish pressure broke the upper supply area at $503.00 of yesterday range. The pair enters into consolidation before another bullish momentum that is currently happening.
Price is above the two EMAs crossover.This implies increased bullish momentum and the possibilities of price making higher highs and higher lows in the short-term.
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