Ethereum market (COIN:ETHUSD) is currently bullish in the context of a medium-term uptrend. Price was bullish until the middle of May 2021 when it plummeted. But right now, buyers are pushing the price upwards again.
4 EMAs are used for this strategy and they are EMAs 10, 20, 50 and 200.
The color that stands for each EMA is shown at the right hand side of the
chart. In the short-term, all the EMAs are now pointing upwards as price is
above them.
Regardless the recent crash in the market, the outlook on ETHUSD is
bullish. Therefore, bearish corrections from now going forwards are expected to
be temporary, as higher highs are anticipated in the market.
Dips ought not to take price below the EMAs 20 and 50 at worst, while the
EMA 200 will serve as an obdurate accumulation territory.
The outlook on Ethereum remains bullish for this year and price could
reach the distribution territories at 3000.00, 4000.00 and ultimately 5000.00
before the end of this year.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: https://www.advfnbooks.com/books/techanalysis/index.html
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