Ethereum (ETH) Price Analysis – August 23

  • The medium and short-term outlook remains in consolidation.
  • Traders should patiently wait for a breakout or breakdown before taking position

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

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 strong bearish pressure was sustained leading to further drop in the Ethereum price to $259.20 in the lower demand area before the close of yesterdays market.

The bulls gradually gathered momentum within the demand area as indicated by the hammer and the bullish 4-hour opening candle at $270.50. Price was up $275.49 in the supply area with potential to make new highs as the bullish pressure increases within the range.

The stochastic oscillator is in the oversold region at 26% and its signal points up which means upward momentum in price of the cryptocurrency may occur in the medium-term.

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

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

ETH continues in the range in the short-term outlook. The bullish long-tailed candle returned the bulls and ETH returned back in the range. The stochastic oscillator is at 61% and it signal points up which implies bulls pressure within the range.

ETH remain 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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