Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Price Medium-term Trend: Bearish

Supply zones: $500, $550, $600

Demand zones: $200, $150, $100

ETH is in a bearish trend in the medium-term outlook. The strong bearish pressure was sustained leading to the break of $401.98 of the lower range of yesterday analysis. A further push down to $368.00 in the demand area occurred following the SEC decision yesterday to postpone its decision on several bitcoin ETFs.

The opening 4-hour candle was a bearish hanging man candle, a reversal pattern,yet the price was pushed down to $366.54 in the demand area. The cryptocurrency was at this area on the 5th of April.

The stochastic oscillator is in the oversold region at 16% and its signal points down which implies downward momentum in the price of the coin as the bears’ pressure increases.

Minor upward price movement may occur as exhaustion in bearish momentum can be seen from the wicks in the candles. This should be seen as pullback for correction before downtrend continuation.

Ethereum Price Short-term Trend: Bearish

 Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

ETH is in a bearish trend short-term outlook. $403.80 of the lower range was broken as bears pressure increases and went further down to $368.00 in the demand area before the close of the market yesterday.

The stochastic oscillator is in the oversold region at 14% and its signal points down which implies downward momentum in price as the bears continue the journey south.

 

 

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