Ethereum Medium-term Trend: Bearish
Supply zones: $600, $650, $700
Demand zones: $400, $350, $300
Ethereum is still in a downtrend in the medium-term outlook. The flag formed in yesterday analysis was broken by the bears and did as predicted.The stochastic oscillator is in the oversold region at 15 percent. Its signal points down just as upward momentum was rejected. Conversely, the downward momentum in ethereum price will continue as the bears increase their pressure. $450 may likely be the bears’ target in the medium-term.
Ethereum Short-term Trend: Ranging
Ethereum returns to the range in the short-term outlook. After breaking the $500.00 demand zone, the bears reduce their momentum and ethereum enters consolidation. $500.00 is the upper supply area while $460.00 is the lower demand area. Patience will pay off as traders await a breakout to the upside for a long or a breakdown from the lower range to go short.
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