Ethereum Medium-term Trend: Bullish
Supply zones: $500, $550, $600
Demand zones: $350, $300, $250
Ethereum returns to a bullish trend in the medium-term outlook. The bears brief move down to the second strong support area completed the right shoulder of the inverted head and shoulder pattern. The bulls gradually built up momentum in the demand area, and returned with a large bullish engulfing candle. Price was pushed up to $453.14 in the supply area breaking the strong support at $445.48. Price now sits above the two EMAs which is a bullish signal.
The cryptocurrency gives a similar structure on June 29th as visible on the chart. The bullish pressure is expected to drive price up to $480.00 in the supply area in the medium term.
The stochastic is in the overbought region at 80 percent and its signal points down which implies that a slight downward momentum may occur but not beyond the support as the overall outlook favours the bulls.
Ethereum Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in the short-term outlook. The strong bullish pressure resulted in price breakout at the $445.48 in the supply area of the upper price range.
Price is forming higher highs and higher lows that are bullish market characteristics. The stochastic is in the oversold region at 30 percent and its signal points up which implies we may witness upward momentum that may lead to upward movement in price in the short-term.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
