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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 broke the lower demand area of yesterday’s range at $260.00 with a large bearish engulfing candle. The cryptocurrency was further down to $225.61 in the demand area before the end of the trading session.
The 4-hour opening candle at $228.44 took ETH further down to $211.19 and close as a long-legged doji, an indication for a likely bullish reversal.
The price is below the two EMAs crossover with the stochastic oscillator is in the oversold region at 11% .and its signal pointing down. These imply further downward movement in the price of the cryptocurrency in the medium-term.
A minor pullback may occur which is expected for the market correction but this may not last as the overall outlook remains bearish.
Ethereum Price Short-term Trend: Bearish
ETH is in a bearish trend its short-term outlook. The $280.00 lower demand area was nicely broken by the strong bearish pressure. Flags were further created as the journey down south began.
The price is below the two EMAs crossover with the 10-day EMA as strong resistance to upward price movement.
More flags may be formed due to bearish pressure and this may take ETH to a new low of the day.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
