Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH continues ranging in the medium-term outlook. The bearish pressure managed to drop the cryptocurrency to a low of $274.31 in the demand area as the market rallied yesterday. The bulls staged a return at the formation of a bullish pin and the price was up $282.00 in the supply area.
The 4-hour opening candle at $281.20 was bullish, pushing ETH to $299.65 in the supply area within the range as the 50-day EMA was a resistance point to further upward movement.
The stochastic oscillator is at 41% and its signal points up which means a minor uptrend within the range may occur.
The cryptocurrency remains in the range 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: Ranging
ETH enters the range in the short-term outlook. The bullish pressure from $271.31 in the demand area after a bullish pinbar formation pushed the price up to $299.15 in the supply area before it lost momentum.
The stochastic oscillator is at and it signal points down which implies bear pressure in within the range.
ETH is in consolidation and trading between $295.55 in the upper supply area and at $269.35 in the lower demand area of the range. Patience will be a good strategy to adopt as the coin ranges to allow for a breakout or breakdown before taking a position.
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