Ethereum Medium-term Trend: Bearish
Supply zones: $500, $550, $600
Demand zones: $350, $300, $250
Ethereum is still in a bearish trend in the medium-term outlook. Strong bearish pressure pushed its price down and made the fifth wave at $417.80 in the demand area. The formation of a bullish pinbar brought the bulls back after their momentum helped the cryptocurrency get to the $442.30 supply area.
ETH’s price is above the 12-day EMA which implies bullish pressure. It may go up to $445.75 in the supply area before the bears return to complete the right shoulder of the inverse head and shoulders pattern visible on the chart.
The stochastic is in the oversold region at 65 percent and its signal points up which implies an upward momentum is expected to take the price up to the supply area in the medium-term.
Ethereum short-term Trend: Ranging
The cryptocurrency continues ranging in the short-term outlook. The bullish momentum at the opening of the market pushed its price first above the 12-day EMA and later above the 50-day EMA.
Ethereum is in consolidation and is trading between $445.48 in the supply area of the upper range and $424.22 in the demand area of the lower range. Traders should be patient and wait for a breakout.
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