Ethereum Price Medium-term Trend: Bearish
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH remains in a bearish trend in the medium-term outlook. The strong bearish pressure successfully pushed price down to $186.90 in the demand area before the end of the trading session yesterday.
Although the formation of a bullish pinbar pushed the cryptocurrency to $197.37 in the supply area after today’s opening, this was short-lived as the bears returned and dropped ETH down to $190.57 in the demand area.
Price is below the two EMAs with the 10-EMA acting as a strong resistance against upward price movement. Ethereum price is within the 23.6 fib level, a trend continuation zone, which implies that the bears may return to continue the journey south and this may be imminent, despite pullback by the bulls which is necessary for the market correction. $150.00 bears target is still on the cards.
Ethereum Price Short-term Trend: Bearish
Ethereum price remains in a bearish trend in its short-term outlook. The bearish pennant pattern is shown on the chart above, price may touch on the downward trendline as the bull pushed price to $199.30 in the supply area earlier today.
Bearish railroad formation at this area returned the bears, whose increased momentum may break the horizontal line at $187.88 in the demand area to furfill the bearish pennant.
Price is below the two EMAs with the stochastic oscillator at 57% and it signal pointing down, we may see a downward movement in price of the cryptocurrency in the short-term.
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