[ad_1]
TradingView Ethereum Chart
Medium-term trend in the price of Ethereum: bearish
Supply zones: $ 400, $ 450, $ 500
Application areas: $ 150, $ 100, $ 50
ETH remains in a bearish trend in its medium-term outlook. The bears made a good run in the demand area at $ 195.00, as expected in yesterday's analysis. After emerging from the bearish banner with a long-tail bearish candle, the increase in downward movement led to a lower minimum of $ 195.10. The bulls gradually staged a comeback with ETHUSD closing as a bullish hammer for $ 196.50. The 4-hour bullish opening candle at $ 196.90 supported the momentum with ETHUSD at $ 198.00 in the inventory area at the start of today.
The bulls' efforts still have the price within the fib level at 23.6, a trend continuation zone, which is a pullback. This serves to validate the continuation of the bearish trend and also serves as a market correction.
The price is lower than the two EMAs which suggest downward pressure and the stochastic oscillator is 17% in the oversold region and still signals undefined.
Bears can return to fib levels at 23.6 or 38.2 and drop ETHUSD to $ 190.00 in the medium term area.
Short-term trend in the price of Ethereum: bearish
TradingView Ethereum Chart
ETH is in a downward trend in its short-term outlook. The strong bearish pressure broke $ 203.00 in the lower demand area of yesterday's range and pushed the price lower to $ 195.16 in the demand area, but ended with a bullish candle at 196.07 dollars to indicate the return of the bulls. Today ETHUSD rose to $ 198.68.
The current pullback could push ETHUSD into the critical supply area as shown in the graph before the bears can eventually make a strong comeback.
The price is higher than 10-EMA but below the 50-EMA an indication that bears are still inside the market. The stochastic oscillator is located in the overbought region at 80% and its signal is pointing up – an indication of bullish retracement necessary for market correction before the downside prosecution.
The opinions and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your research
Source link
