Ethereum Medium-term Trend: Ranging
Supply zones: $550, $600, $650
Demand zones: $350, $300, $250
Ethereum is ranging in the medium-term outlook. The bearish pullback continues as price was initially pushed down to $468.61 in the demand area above the 50EMA.
The stochastic is in the oversold region, at 25 percent and its signal points down which implies downward movement in price of the cryptocurrency may occur due to bears pressure, most likely until the 61.8 fib level. This is necessary for a market correction before uptrend continuation in the medium-term.
Ethereum is consolidating and trading between $480.41 in the supply area of the upper price range and at $448.74 in the demand area of the lower price range. The current pullback is still within the 50.0 fib level. The bear may continue to push further to the 61.8 before a bullish comeback necessary for trend continuation to occur.
Ethereum short-term Trend: Bearish
The cryptocurrency is in a bearish trend in the short-term outlook. The bears’ pressure was strong as they broke the major demand area at $464.55. This area was retested and the bears further pushed price down to $4454.66.
Price is forming lower highs and lower lows that are bearish market characteristics. As the bears increase their pressure we may see more lows in the short-term.
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