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Ethereum Medium-term Trend: Bullish
Supply zones: $550, $600, $650
Demand zones: $350, $300, $250-
Ethereum remains in a bullish trend in the medium-term outlook. The formation of bullish candles at the 50.0 fib level was good confirmation for the bulls as price was pushed up to $482.12 in the supply area.
Minor pullback due to bears pressure occurred as price went down to $461.00 in the demand area and above the 50-EMA. The bullish spinning top a reversal candlestick pattern, in the area was a good set up for the bulls return and price was pushed higher above the 23.1 fib level which is a trend continuation zone.
The stochastic oscillator is at 57 percent with signal pointing up suggesting upward movement in the price of the cryptocurrency just as the bulls increase their momentum and pressure.
Ethereum short-term Trend: Bullish
The cryptoasset continues in a bullish trend in the short-term outlook. The formation of two pinbars candles at the opening of the market was sure indication of the bears’ failure at $461.00 in the demand area for further downward price movement.
The bulls strong momentum and pressure saw the cryptoasset at $476.00 in the supply area above the two EMAs crossover.
Price is forming higher highs and higher lows that are characteristic of a bullish market. As more bullish candles are formed above the crossover due to the bullish momentum, new higher highs and lows may be formed in the short-term.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
