Ethereum Medium-term Trend: Bearish
Supply zones: $550, $600, $650
Demand zones: $350, $300, $250
Ethereum is in bearish trend in the medium-term outlook. The strong bearish pressure resulted in the break of the lower demand area at $448.74 of yesterday’s range. The formation of a bearish spinning top brought the bears back. The Ethereum price was pushed to a new low at $424.69 in the demand area.
Currently, Ethereum may retest the broken structure at $448.74 before a major journey to the south commences. The stochastic is in the oversold region at 12 percent and its signal is down meaning downtrend continuation in price of the cryptocurrency may occur. $419.98 in the demand area may be the bears’ target in the medium- term.
Ethereum short-term Trend: Ranging
The cryptocurrency is ranging in the short-term outlook. The bulls attempt was rejected at the 10-day EMA which acted as a strong resistance. Despite opening bullish at $432.44, the bears further took the cryptocurrency down to $424.69 in the demand area
The coin is in consolidation and trading between $455.98 in the supply area of the upper range and $423.61 in the demand area of the lower range. Traders should be patient and wait for a breakout at the upper range for a long position or a breakdown at the lower range for short position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.