Ethereum Price Medium-term Trend: Ranging
Supply zones: $600, $650, $700
Demand zones: $300, $250, $200
ETH continues ranging in the medium-term outlook. The bearish momentum was sustained as price was pushed down to $449.20 in the demand area with a large bearish engulfing candle. The bears’ momentum saw price further down to $446.00 in the demand area.
However, formation of a bearish spinning top and a doji that are reversal candlestick patterns serves as double confirmation for the bulls return. Price was pushed up to $480.42 in the supply area with a large bullish engulfing candle that closed above the two EMAs.
ETH is still in consolidation and 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. Traders should patiently wait for a breakout from the upper price range or a breakdown at the lower price range before entering the market.
Ethereum Price Short-term Trend: Bullish
Ethereum price is in a bullish trend in the short-term outlook. The bearish pressure led to the break of $451.52 the lower range of yesterday analysis and went further down to $446.00.
The bulls returned as we have the formation of doji at the demand area. The bullish pressure was strong as price returned back to the range and went up to $468.55 in the upper supply area for the fourth touch. The touch led to a breakout and retest before a further move up to $480.42 in the supply area.
Price is above the EMAs crossover with the Stochastic oscillator at the overbought which is a reflection of upward momentum in price due to the bullish pressure.
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