Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH is ranging in the medium-term outlook. Strong bullish pressure continued to move the cryptocurrency up, to $299.01 in the supply area. Momentum was temporally lost due to the formation of bearish spinning top that signals the bears’ arrival. Ethereum’s price was down to $281.72 in the demand area before the market closed yesterday.
The 4-hour opening candle was bullish at $286.85 and the price went back up at $302.98 in the supply area within the range. This is above the 10-day EMA. The stochastic oscillator is in the overbought region at 74% and its signal is parallel which is a reflection of the ranging scenario.
The cryptocurrency is ranging and trading between $310.00 in the upper supply area and $260.00 in the lower demand area of the range. Before entering a position traders should exercise patience to wait for a breakout or breakdown.
Ethereum Price Short-term Trend: Ranging
ETH is ranging in the short-term outlook. The bears' momentum was low and failed to complete the right shoulder of yesterday’s analysis, meaning they only pushed price down to $281.22 in the demand area.
A bullish spinning top coupled with a bullish 1-hour opening candle at $286.85 pushed ETH’s price up to $302.98 in the supply area. The stochastic oscillator is in the overbought region at 88% and its signal is parallel, a reflection of the ranging scenario.
The cryptocurrency is consolidating and trading between $305.14 in the upper supply area and $277.42 in the lower demand area of the range. Traders should be patient and wait for a breakout or breakdown before taking a position.
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