Ethereum Price Medium-term Trend: Bearish
Supply zones: $550, $600, $650
Demand zones: $250, $200, $150
ETH is in a bearish trend in the medium-term outlook. $444.45 in the demand area of the lower price range of yesterday analysis was broken due to the strong bearish pressure. Price was further down to $422 in the demand area.
The flag formed as seen in the chart are signal for bears come back. Although bulls manage a push of price up to $437.21 in the supply area. The cryptocurrency was down to $410.97 as the bears returned.
The second flag is seen formed and it implies that the bears’ return is most probably in the medium-term.
The stochastic oscillator is in the oversold region at 20% and it signal points down which implies downward momentum in price of the cryptocurrency.
$407 in the demand area may be bears target in the medium term as momentum increases.
Ethereum Price Short-term Trend: Bearish
ETH continues in a bearish trend in the short-term outlook. The strong bearish pressure drops the cryptocurrency at $427.40 in the demand area before the close of yesterday;s market which closes with spinning a top candle formation.
The daily opening candle was a bearish doji rejecting the upward movement and pushed price down to $410.97 with a large bearish engulfing candle.
The price is below the EMAs crossover and forming lower highs and lower lows that are bear market characteristics. The 12-day EMA is seen acting as strong resistance to the upward price movement.
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