Ethereum Price Medium-term Trend: Bullish
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH is in a bullish trend in its medium-term outlook. Rejection to downward price movement after the breakout from the supply area occurred around $202.00 in the demand area after a long-tailed candle formation. Price was up $228.08 in the supply area above the two EMAs crossover, an indication of strong bullish pressure.
Current pullback is still within the 23.6 fib level a trend continuation zone. The pullback may get to 38.2 before bullish reversal occurred. It implies as more candles opened and closed above the EMAs, and the bullish momentum increased, the price of ETH may continue to go up and new supply area may be attained in the medium-term.
Ethereum Price Short-term Trend: Ranging
ETH is in consolidation in its short-term outlook. The strong bearish pressure from $227.23 in the supply area after the bearish railroad formation dropped ETH at $203.00 in the demand area. Confirmation to the bulls return was seen with the long-legged bullish candle. Price was up $226.77 in the supply area earlier today as the cryptocurrency ranges
ETH is ranging and trading between $227.83 in the upper supply area and $213.71 in the lower demand area of the range. Patience is needed for a breakout at the upper area or breakdown at the lower area before taking a position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research
