Ethereum Price Analysis – July 6

Azeez Mustapha
  • The bulls are still in control of both the medium and short-term outlook.
  • The market correction seems over and the journey northward is back.

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Medium-term Trend: Bullish

Supply zones: $550, $600, $650

Demand zones: $350, $300, $250

Ethereum medium-term outlook remains in a bullish trend. The pullback currently happening is necessary for market correction. The bears pushed the price down to $449.77 in the demand area. 

At this level, the bulls pushed the price back up to $470.83 in the supply area. Currently, the price is above the two EMAs and in the 23.1 fib level which is the trend continuation zone.

The stochastic oscillator is at 43% with its signal pointing up and suggesting an upward movement just as the bulls increased their momentum and pressure.

A retest of the supply area at $487.44 in the medium-term may likely occur.

Ethereum short-term Trend: Bullish

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

The cryptocurrency continues in a bullish trend in the short-term outlook. Although the bears' pressures saw the cryptocurrency down to $449.77 in the demand area, the bullish doji candlestick pattern formed signals after the bears' pressure.

The double bottom formation at the demand area gave confirmation to the bulls return as the price was moved back up to $470.83 in the supply area above the two EMAs.

As more bullish candles are formed above the two EMAs, we may see $480.00 in the supply area the third time.

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