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 cryptocurrency’s price was up to $284.21 in the supply area on August 24 due to bullish pressure within the range. Bullish exhaustion is setting in as shown by the formation of a bearish inverted hammer.
ETH’s price went down to $269.32 in the demand area on August 26. Due to a loss of momentum the price failed to keep going down and as such the bulls are set to stage a comeback. ETH is currently up to $280.13 in the supply area.
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 taken into account, while waiting for a breakout or breakdown to occur before taking a position.
Ethereum Price Short-term Trend: Ranging
ETH remains in the range in the short-term outlook. $269.32 in the demand area was the low point the bears managed to drop the cryptocurrency to before losing momentum. The bulls then came back and ETH went initially up to $276.13 in the supply area. Although the opening 1-hour candle was bearish, the bulls still sustained the momentum and the price went up to $280.19 in the supply area.
The cryptocurrency’s price is above the EMAs’ crossover with the stochastic oscillator’s signal pointing up. which implies bullish pressure within the range in the short-term.
ETH remain in consolidation and is trading between $281.99 in the upper supply area and $270.50 in the lower demand area of the range. Patience will be a good strategy to adopt as the coin ranges, to for a breakout or breakdown to occur before entering a position
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