Ethereum Medium-term Trend: Bearish
Supply zones: $600, $650, $700
Demand zones: $500, $450, $400
Ethereum returns bearish in the medium-term outlook. The breaking of the upward trendline of yesterday's analysis shows that the bears are back on the scene. The strong pressure and momentum led to the break of the $600.00 demand area and further pushed the price down to $580.00 area. A retest of the $600.00 was made possible by the bulls but this did not lead to a breakout from the area as they lost momentum. The bears came in again and exerted further pressure creating another lower low at $587.47 in the demand area. The formation of flags was noticed and after each flag, the downward move is always favoured. The price is below the 50-day EMA and together with the 10-day EMA - they serve as strong resistance against the bullish move.
Ethereum Short-term Trend: Ranging
The pairs is consolidating in the short-term outlook. The bears won the consolidation of yesterday analysis as it broke the lower demand range of $600.00. They pushed further down to the demand area at $580.00. Thereafter the bulls steps in and pushed price back up to the supply area. The asset is trading within the upper supply range at $600.00 and the lower demand range at $575. Traders should be patient as the asset consolidates for a breakout from the upper range to go long or a breakdown at the downside to go short.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.