Ethereum Medium-term Trend: Ranging
Supply zones: $550, $600, $650
Demand zones: $400, $350, $300
Ethereum is still in consolidation in the medium-term outlook. The bear momentum was high as the cryptocurrency was pushed further down to $426.38. Price made two touches at this demand area which resulted in the formation of a double bottom, a reversal pattern. The bulls are gradually building momentum and price is up, currently above the 12-day EMAs.
The cryptoasset is still trading within $480.00 in the supply area of the upper price range and $420.00 in the demand area of the lower price range. The stochastic oscillator is in the oversold region at 22 percent and its signals point up which implies upward momentum in price movement of the cryptocurrency as the bulls' pressure increases.
Ethereum short-term Trend: Bullish
Ethereum is in a bullish trend in the short-term outlook. Price is forming higher highs and higher lows that are characteristics of a bullish market. Price is above the two EMAs crossover and the 10-day EMA is seen acting as strong support for bullish pressure.
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