Ethereum Medium-term Trend: Bearish
Supply zones: $500, $550, $600
Demand zones: $350, $300, $250
Ethereum continues in a bearish trend in the medium-term outlook. The strong bearish pressure pushed the price down to $426.46 in the demand area after a minor upward push to $445.75 in the supply area.
With the Elliot wave tool, the bullish rejection at the supply area was wave four (4) and the bears are pushing further down for the completion of the fifth wave, as you can see from the chart. This will be completed at $410.03 in the demand area, in the medium-term
The stochastic is in the oversold region at 15% and its signal points down meaning the downtrend price continuation may occur as the bears increase their pressure.
Ethereum short-term Trend: Ranging
The cryptocurrency is still ranging in the short-term outlook. The bullish momentum at the opening of the market that drove the price to $445.75 in the supply area was low. Likewise, the 50-day EMA was a strong resistance for a further upward price push.
With the bears returning, the coin was down to $424.46 in the demand area, below the 12-day EMA.
The coin is in consolidation and trading between $445.57 in the supply area of the upper range and $424.55 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 a short position.
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