Ethereum Price Analysis – July 9

Azeez Mustapha
  • The bulls continue their dominace of the medium and short-term outlook of Ethereum.
  • Traders may consider buying at demand area with bullish candles.

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 continues in a bullish trend. Price is above the 50-day EMA and it’s forming higher highs and higher lows that are bullish market characteristics.

The Fibonacci retracement shows price is pulling back due to the bears' pressure and within the 23.6 fib level. The 23.6 and 38.2 fib levels denote the trend continuation zone. It implies that upward continuation in the price of the cryptocurrency may occur.

The stochastic is at 68 percent and its signal points down which implies the pullback of price to the downside due to bears pressure. This is necessary for a market correction before uptrend continuation in the medium-term.

Ethereum short-term Trend: Bullish

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

The cryptocurrency is in a bullish trend in the short-term outlook. The bears were able to push price down to $463.87 in the demand area before the bulls return with a large engulfing candle and price was up at $493.39 on July 7th.

Daily candle opened bullish at $486.09 above the 50-day EMA which implies more buyers’ presence. The Fibonacci retracement shows price pulled back to the 50.0 level. 50.0 and 61.8 are trend reversal zones. Hence we may see a bullish return at this level or the bears pushed price to 61.8 before the bulls will stage a comeback.

 

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