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 bearish pressure from18th August continued to take the cryptocurrency to new lows. Despite the bullish 4-hour opening candle yesterday, ETH reached a low at $268.68 in the demand area.
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.
The two EMAs are a reflection of strong bear pressure. The stochastic oscillator is in the oversold region at 14% and its signal is parallel which is a reflection of the ranging scenario in the medium-term.
Ethereum Price Short-term Trend: Bearish
ETH is bearish in the short-term outlook. The minor bullish pressure created a flag with the cryptocurrency up to $292.16 in the supply area. The bears returned and pushed the price down to the demand area.
The 1-hour opening candle at $270.41 is bullish and a flag is also been created. The bears may return with strong momentum and push the price further down in the short-term.
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