Ethereum Price Medium-term Trend: Bearish
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH continues in a bearish trend in its medium-term outlook. The 4-hour opening candle at $185.17 was bearish engulfing with price dropping to $167.51 in the demand areas. Price is still below the two EMAs with the 10-EMA acting as a strong resistance against upward price movement. The EMAs are fanned apart which connotes strength in the context of the trend and in this case the downtrend.
The stochastic oscillator is in the oversold region at 16% with it signal pointing down. This implies downward momentum in the cryptocurrency price in the medium-term. $150.00 bears target is still very much possible.
Ethereum Price Short-term Trend: Bearish
ETH remains in a bearish trend its short-term outlook. The strong bearish pressure broke the horizontal line of the bearish pennant pattern at $187.88 and went further down to $175.89 in the demand area. A minor pullback to retest the broken line occurred at $187.57.
Price is below the two EMAs and the 10-EMA is a strong resistant against upward price movement. The stochastic oscillator at 9% and it signal pointing down, which imply downward movement in price of the cryptocurrency in the short-term.
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