Ethereum Price Medium-term Trend: Bullish
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH remains in a bullish trend in its medium-term outlook. The 4-hour opening candle was a doji followed by a bearish engulfing candle which signalled the bears' presence. Price is below the 10-EMA and the stochastic oscillator is at 32% and it signal points down. An indication to further downward movement in price in the medium term.
With Fibonacci, price is within the 38.2 fib level a trend continuation zone. The bears' pressure may push price down to $225.19 in the 38.2 fib area before the bulls stage a strong comeback for uptrend continuation to a new high of the day. $280.00 may be the bulls initial target.
ETHUSD Short-term Trend: Bullish
ETH continues in the bullish trend in its short-term outlook. ETH is in an ascending channel. The strong bullish pressure that pushed price up to $255.00 in the supply area was lost. Rejection to upward price movement as ETH bounces off the upper line of the channel. The strong bears' pressure dropped price to $231.45 in the demand area below the two EMAs.
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