Ethereum Medium-term Trend: Bullish
Supply zones: $700, $750, $800
Demand zones: $450, $400, $350
Ethereum is in a bullish trend in the medium-term outlook. The bears could not push price to the lower Bollinger band due to the loss in momentum at $519.86 in the demand area. The 10-day EMA acted as a strong support preventing further downward price movement as you can see. Daily candle opened bullish at $534.78 above the two EMAs. It implies that bullish momentum may be high in the medium-term.
The stochastic oscillator is in the overbought region at 84 percent with signals pointing up. This implies upward momentum in price movement. This would bring about the bullish pressure expected to push price above the $550.00 in the supply area.
Ethereum short-term Trend: Bullish
Ethereum is bullish in the short-term outlook. The bulls had a nice ride to $544.00 in the supply area after the bears lost momentum at $520.00 in the demand area. Although there was a brief consolidation price broke out to the upside due to the bulls’ pressure.
Price is above the 10-day EMA which implies bullish pressure. The stochastic oscillator is in the overbought region but its signal is not defined. The upward momentum may be favoured as the bulls increased their presence and pressure on the short-term.
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