Ethereum Price Medium-term Trend: Bearish
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH is in a bearish trend in its medium-term outlook. The strong bearish pressure pushed price into the 38.2 fib area at $225.01 as the bulls lost momentum before the close of yesterdays session. The 4-hour opening candle at $227.84 was bearish, thus sustaining the bearish pressure as ETH was down to $207.12 in the demand area which is the 50.0 fib area with an engulfing candle.
Price is below two EMAs crossover with the stochastic oscillator in the oversold region at 10% and its signal points down. An indication to further downward movement in price in the medium term.
More candles maybe formed and closed below the EMAs crossover which imply strong bearish pressure and ETH may get to 61.8 fib level ($200.98) and continue to 78.6 level ($186.18) as the bearish momentum increased in the medium term.
Ethereum Price Short-term Trend: Bearish
ETH returns to a bearish trend in its short-term outlook. The lower line of the ascending channel was broke at $232.00 with a large bearish engulfing candle due to strong bearish pressure. The bearish 1-hour opening candle at $228.53 sustained the bearish momentum and ETH was down to $207.12 in the demand area.
Price is below the two EMAs crossover which connotes strong bearish pressure. As more candles are formed and closed below the EMAs a new low of $200.00 in the demand area may be attained in the short-term.
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