Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

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

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

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

 

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