Ethereum Price Analysis - June 8

  • The scenario still remains consolidated in both the medium and short-term outlooks.
  • Breaking the demand area at $596.00 would further confirm the bears' next target 
  • A good ranging strategy may be considered for profit taking as the asset consolidates.

Ethereum, ETHUSD, Cryptocurrencies, chart

Ethereum Medium-term Trend: Ranging

Supply zones: $650, $750, $800

Demand zones: $550, $500, $450

Ethereum is still ranging in the medium-term outlook. The bulls’ presence and the pressure greatly reduced as they lost momentum at $610.00 of the supply area. The bears returned and took the price down again to the lower band at $598.60 of the demand area. The structure to the left remains significant as you can see that the bollinger band is getting narrow. The bears are favoured to win the battle for market supremacy. The stochastic oscillator is still in the oversold area but was rejected for the upward movement. As the bears intensify their momentum, $596.00 may be their first target. If this is achieved, the lower demand area of the range would likely be the next bears' target in the medium-term.

Ethereum Short-term Trend: Ranging

Ethereum, ETHUSD, Cryptocurrencies, chart

Ethereum continues to consolidate in the short-term outlook. The asset is trading within the upper supply area at $610.00 and lower demand area at $598.00. The bulls lost momentum at $610.30 of the supply area. This gave the bears the opportunity to push the price down to $598.40 in the demand area. The stochastic oscillator is in the overbought region and its signal is pointing down. This suggests a downward momentum. It thus implies that the bears' momentum will increase and the price will further go down. During consolidation, patience is recommended, as this will help traders flow with either the uptrend after the breakout or the downtrend after the breakdown.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.