Ethereum Price Medium-term Trend: Ranging
Supply zones: $600, $650, $700
Demand zones: $300, $250, $200
ETH price is ranging in the medium-term outlook. The strong bearish pressure continued as predicted with the head and should pattern that was analyzed yesterday and the $450.00 bears target in the demand area was broken. Further downward price movement occurred and the cryptocurrency was down to $439.52 in the demand area.
The formation of a bullish hammer signaled a trend reversal and the bulls came back and managed a push to $471.88 in the supply area. Rejection to the upward movement was seen at this area as the two EMAs are horizontal and price is hovering around them. This brings the cryptocurrency into consolidation.
ETH is trading between $481.55 in the supply area of the upper price range and at $444.45 in the demand area of the lower price range. A breakout from the upper price range or a breakdown at the lower price range will occur soon. This will define the trend and traders can flow along.
Ethereum Price Short-term Trend: Ranging
ETH is in consolidation in the short-term outlook. The triple top formation at $468.55 resulted in the bears pushing price down to $455.00 in the demand area below the two EMAs.
The cryptocurrency is ranging and trading between $468.55 in the supply area of the upper price range and $451.52 in the demand area of the lower price range. Traders should be patient trading the range and allow or a breakout or a breakdown before taking a position.
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