Ethereum Medium-term Trend: Ranging
Supply zones: $550, $600, $650
Demand zones: $400, $350, $300
Ethereum enters into consolidation in the medium-term outlook. The bulls' momentum was high as they broke out of the channel analysed yesterday and pushed the price up to $466.99 in the supply area. The formation of the double top reversal pattern, at this supply area brought the bears back and pushed the price down to $453.40 in the demand area.
The daily opening price is $460.05 -asa gainst yesterday's opening of $454.72 - which implies more buyer presence and pressure that may push the price up.
The cryptoasset is trading within $480.00 in the supply area of the upper price range and $420.00 in the demand area of the lower price range.
The price is hovering on the two EMAs which shows no clear trend definition.
The stochastic oscillator is at 42 percent and its signal seems to point up which implies downward momentum rejection. It suggests ahn upward movement in the price of the cryptocurrency as the bulls' pressure increases.
Ethereum short-term Trend: Ranging
Ethereum is consolidating in the short-term outlook. The bulls did break out of yesterday's range pushing the price up to $473.00 in the supply area, but could not sustain the momentum. The double top formation at the supply area brought the bears back - and that is currently pushing price down.
The cryptoasset is trading between $465.00 in the supply area of the upper price range and $450.00 in the demand area of the lower price range. Patience should be exercised before taking a position to allow for a breakout to the upside to go long, or a breakdown at the downside for a short position.
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