Ethereum Price Medium-term Trend: Ranging
Supply zones: $600, $650, $700
Demand zones: $300, $250, $200
ETH continues in a ranging scenario in the medium-term outlook. The bearish pressure was strong inside the range as price was down to $446.67 in the demand area. Although the bulls had a minor push of price to $458.33 in the supply area before the bears returned with a large candle and push price down to $449.78.
The stochastic oscillator is in the oversold region at 17% and it signal points down which implies downward momentum in price of the cryptocurrency due to the bears' pressure inside the range.
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: Bearish
ETH is in a bearish trend in the short-term outlook. The bearish pressure was strong leading to break of $459.38 in the lower price range in yesterday analysis. The cryptocurrency went further down to $446.67 in the demand area below the two EMAs.
The bulls gradually momentum at this demand area and manage a push to $458.33 in the supply area below the broken price range. The formation of a hammer a reversal candlestick pattern brought the bears whose momentum increased pushed price down $449.04 in the demand area below the 12-day EMA.
The stochastic oscillator is in the oversold region at 28 % and its signal points down. This implies downward momentum in price of the cryptocurrency due to the bears' pressure
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.