Ethereum Medium-term Trend: Ranging
Supply zones: $500, $550, $600
Demand zones: $350, $300, $250
Ethereum enters into consolidation in the medium-term outlook. The bullish pressure was strong as the predicted bulls target of $480.00 in the supply area was nicely broken. The cryptocurrency made a new high of $481.99 in the supply area.
The bears returned at this supply area. The price was pushed down and is currently at $471 in the demand area above the 12-day EMA. With the Fibonacci retracement, this area is at 23.6 level which is a trend continuation zone.
The stochastic is in the overbought region at 78 percent and its signal points down which implies that a slight downward momentum may occur due to the bears' pressure. This may take the cryptocurrency to the lower price range.
Ethereum is ranging and trading between $470.71 in the supply area of the upper range and at $447.89 in the demand area of the lower range. Traders should be patient for either a breakout at the upper price range or a breakdown at the lower price range before taking a position..
Ethereum short-term Trend: Ranging
ETH is anging in the short-term outlook. The strong bullish pressure that took it to $480.00 in the supply area was lost as upward price movement was resisted by the bears.
The price was down to $465.14 in the demand area below the 12-day EMA due to the bears' pressure.
The stochastic is in the oversold region at 16 percent and its signal points down which implies downward momentum in the price of the cryptocurrency in the short-term.
The cryptocurrency is in consolidation and trading between $479.95 in the supply area of the upper range and $455.04 at in the demand area of the lower range. Patience will be a good strategy to adopt and allow for a well-defined trend before trading.
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