Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH is ranging in the medium-term outlook. The strong bullish pressure was sustained at the 61.8 fib level, then the cryptocurrency saw upward price movement to $304.99 in the supply area. The formation of a bearish hammer dropped price to $277.00 in the demand area as the bears' returned.
Price is above the 10-day EMA with the stochastic oscillator at 64% and it signal points up. These reflect the bullish pressure and upward movement in price of the cryptocurrency.
The cryptocurrency is ranging and trading between $310.00 in the upper supply area and at $260.00 in the lower demand area of the range. Patience should be exercised for a breakout or breakdown to occur before taking a position.
Ethereum Price Short-term Trend: Bearish
ETH continues in the bearish trend in the short-term outlook. The strong bullish pressure took the cryptocurrency up $304.90 in the supply area and created the head. Momentum was lost and the bears pushed price down to $277.00 in the demand area and formed the neckline of the head and shoulder pattern.
The bullish 1-hour opening candle pushed price up $292.50 in the supply area to form the right shoulder. A return by the bears is most probable and price will journey down south.
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