Ethereum Price Medium-term Trend: Ranging
Supply zones: $600, $650, $700
Demand zones: $300, $250, $200
ETH is still in a ranging scenario in the medium-term outlook. The bears could only manage a push down to $456.26 in the demand area before losing momentum. The bulls returned after the formation of a bullish hammer at this demand area.
The price was pushed up to $474.63 in the supply area above the two EMAs before losing control to the bears, whose pressure pushed the cryptocurrency down to $458.58 in the demand area.
The stochastic oscillator is at 41% and it signal points down which implies downward momentum in price.
ETH remains 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. Patience should be exercised for a breakout from the upper price range or a breakdown at the lower price range before flowing along the trend.
Ethereum Price Short-term Trend: Ranging
ETH returns to the range in the short-term outlook. The cryptocurrency spent most of the weekend in consolidation. The daily opening candle was bearish and the price was down to $458.48 in the demand area.
The bulls returned and pushed price to 469.93 in the supply area.
The stochastic oscillator is at 46% and its signal is parallel which reflects the ranging scenario.
The cryptocurrency is ranging and is trading between $469.98 in the supply area of the upper price range and at $459.38 in the demand area of the lower price range. Traders should be patient for a breakout from the upper price range to go long or a breakdown at the lower price range to go short in the short-term.
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