Ethereum Medium-term Trend: Bearish
Supply zones: $600, $650, $700
Demand zones: $300, $250, $200
Ethereum is in a bearish trend in the medium-term outlook. Price made a lower low of $459.01 in the demand area and is below the two EMA which is an indication of the bears’ increased pressure. We have a head and shoulder pattern formed with the neckline at the broken $466.20 demand area now a support area. Price is most likely to go down from the lower broken range.
The bears’ momentum is likely to increase as more bearish candles are formed below the two EMAs thereby putting pressure on price to further go down. $450.00 may be the initial demand area targeted by the bears in the medium-term.
Ethereum short-term Trend: Bearish
ETH is in a bearish trend in the short-term outlook. The daily opening candle was bearish and another lower low was made at $458.47. Price is forming lower highs and lower lows that are down trending market characteristics. Likewise, it is below the two EMAs. The 12-day EMA was a strong resistance against bullish upward moves.
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