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. The bullish pressure was sustained in yesterday's trading session breaking the $225.00 of the upper supply area of the range with a bullish engulfing candle. The price was up to $230.00 in the supply area.
The bullish railroad formation after today’s opening session pushed ETH up to $231.76 in the supply area after a retest of the broken upper supply area.
The price is above the two EMAs that are fanned apart, an indication of bullish momentum. The stochastic oscillator is in the overbought region at 84% and it signal points up. This implies upward price movement due to bullish pressure in the medium-term. $280.00 in the supply area may be the bulls initial target.
Ethereum Price Short-term Trend: Bullish
ETH is in a bullish trend in its short-term outlook. The upper supply area of yesterday's range was nicely broken with a large engulfing candle.
A minor pullback to $221.61 in the demand area occurred but the bulls returned with a push back up to $231.76 in the supply area.
The price is above the two EMAs crossover with the 10-EMA acting as strong support for a bullish movement. The stochastic oscillator is in the overbought region at 82% and its signal pointing up. This implies upward movement in price of ETH in the short-term.
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