Ethereum Price Medium-term Trend: Bulish
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH is in a bullish trend in its medium-term outlook. The bulls took control of the market with a large engulfing candle that broke $222.44 in the upper supply area of yesterday’s range. $235.20 was the high attained by ETH yesterday against previous day high of $223.00. This is an indication of increased bullish momentum in the medium-term.
The stochastic oscillator is in the overbought region at 86% with its signal up. This implies an upward momentum in price.
Although the 4-hour opening candle was a doji, for a trend reversal, the bullish pressure was sustained and the ETH outlook remains bullish.
The price is above the two EMAs crossover and within the 38.2 fib level. As more candles form and close above the crossover, $260 in the supply area remains the bulls’ target in the medium-term.
Ethereum Price Short-term Trend: Bullish
ETH is in bullish trend in its short-term outlook. $223.90 in the upper supply area was nicely broken with an engulfing candle as the strong bullish pressure from $209.96 in the demand area continues. The formation of a bearish pinbar after ETH attained a high of $235.20 had little effect. The 1-hour opening candle at 228.01 sustained the bullish momentum and the price was back up at $234.19 in the supply area.
ETH’s structure is a W. The last wing is currently forming. With the price above the two EMAs crossover, the bullish pressure may continue in the short-term and ETH may be lifted up to $248.00 in the supply area.
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