Ethereum Medium-term Trend: Bullish
Supply zones: $550, $600, $650
Demand zones: $350, $300, $250
Ethereum is in bullish trend in the medium-term outlook. The bull broke out of the upper price range of yesterday analysis with a large engulfing candle that took the cryptocurrency to an initial high of $477.66 and later to $486.76 in the supply area.
Price is above the two EMAs crossover and inside an upward channel. Each touch on the channel results in a bounce. It implies that the bulls’ pressure will be stronger at the touch of price on the lower channel. Hence the cryptocurrency may have a new higher high as the bullish momentum increases in the medium-term.
Ethereum short-term Trend: Bullish
The cryptoasset is in bullish trend in the short-term outlook. The bulls momentum led to price making a new high at $486.76 in the supply area. The formation of inverted hammer coupled with spinning tops which are reversal pattern brought the bears back. Price was pushed to 50.0 fib level area, and above the 50-EMA. This is a great confluence for the bulls’ returns.
The hammer formed at this area is another good confirmation for the commencement of the journey northward. Traders should wait for bullish candles formation before responsible buy at this demand area.
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