Ethereum Price Medium-term Trend: Ranging
Supply zones: $600, $650, $700
Demand zones: $300, $250, $200
ETH is still in a ranging scenario in the medium-term outlook. Rejection to further downward movement occurred at the 50-day EMA. The formation of a spinning top a reversal candlestick pattern brought the bulls back. A large bullish engulfing candle broke the 12-day EMA, and closed above it.
Price is currently above the two EMA with the Stochastic oscillator in the overbought region at 83 percent. Its signal is pointing up. These imply a move to the upside in the medium-term.
Ethereum remains in consolidation and is trading between $481.55 in the supply area of the upper price range and at $444.45 in the demand area of the lower price range. Patience will pay off in this instance as a breakout from the upper price range or a breakdown at the lower price range will occur soon.
Ethereum Price Short-term Trend: Bullish
Ethereum Chart by TradingView
ETH is in bullish trend in the short-term outlook. Price was up $484.87 in the supply area and above the two EMAs. This gives a teacup formation. A minor pullback may occur to the 23.6 fib level to complete cup handle before uptrend continuation as the bulls momentum increases.
The daily candle opens bullish at $471.89. Above the EMAs which implies the presence of more buyers. Upward price movement of the cryptocurrency may occur in the short-term.
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