Ethereum Price Medium-term Trend: Ranging
Supply zones: $500, $550, $600
Demand zones: $250, $200, $150
ETH is ranging in the medium-term outlook. The bullish pressure from the bullish railway track formation pushed the cryptocurrency up $419.00 in the supply area and lost momentum as doji candlestick pattern was formed. The subsequent formation of bearish candles are signals to bears return and price was down to $399.00 in the demand area. The stochastic oscillator is at 48% and its signal is parallel which is a reflection of the ranging scenario.
The cryptocurrency is in consolidation and trading between 427.61 in the supply area of the upper range and at in the demand area of the lower price range. Patience should be exercised and allow a breakout at the upper range or a breakdown at the lower range before taking a position in the market.
Ethereum Price Short-term Trend: Ranging
ETH is ranging in the short-term outlook. The bullish momentum that occurred at $400.87 in the demand area saw price up until $413.65 in the supply area above the two EMAs.
The daily opening 1-hour candle was bullish and this led to a brief touch at $413.98 in the supply area before bears returned from a bearish pinbar formation. Price was down to $408.90 in the demand area below the two EMAs.
ETH is in consolidation and trading between $414.30 in the upper supply range and at $403.80 in the lower demand range. Traders should look to take a position after a breakout at the upper range or breakdown at the lower range.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
