Ethereum Price Medium-term Trend: Bearish
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH is in a bearish trend in the medium-term outlook. The bearish pressure continued as a breakdown occurred at $308.57 in the lower demand area of yesterday's price analysis. The break was with a large bearish engulfing candle.
The opening 4-hour candle at $283.92 was bearish and the price was pushed further down to $249.93 in the demand area. ETH was around this demand area almost a year ago on 18th September 2017 when it was at $251.52.
The stochastic oscillator is at 16% and its signal points down which signals downward price movement.
The price is below the two EMAs and the EMA are fanned apart which indicates strength in the context of the downtrend. The journey to the south may continue as more candles are formed and closed below the EMA. $160.00 in the demand area may be the bears' next target.
Ethereum Price Short-term Trend: Bearish
ETH is bearish in the short-term outlook. $315.88 in the lower demand area of yesterday's range was broken as the bearish momentum was sustained.
The opening 1-hour candle was bearish and the price was further down to in the demand area before the bears lost momentum temporarily.
The prrice is below the two EMAs and the 10-day EMA is seen as acting as resistance against price upward movement
The stochastic oscillator is at 25% and its signal is up which reflects a minor pullback.
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