Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Price Medium-term Trend: Ranging

Supply zones: $500, $550, $600

Demand zones: $250, $200, $150

ETH is still ranging in the medium-term outlook. The strong bearish pressure pushed the price down to $401.00 in the demand area before the close of yesterday’s market. The bullish spinning top and doji candlestick formations are signals to the bears’ exhaustion and bulls’ return.

The cryptocurrency was up $410.73 in the supply area above the 10-day EMAs which is a reflection of the bulls increased momentum within the range. The stochastic oscillator is at 64% and its signal is pointing up implying an upward price momentum as the bull pressure becomes strong.

The cryptocurrency is in consolidation and trading between $417.62 in the supply area of the upper range and at $401.98 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 continues ranging in the short-term outlook. The strong bearish pressure broke $403.80 of the lower range of yesterday’s analysis and went further down to $401.00 in the demand area.

The bulls returned at the demand area and pushed the price back into the range. The cryptocurrency was up $410.59 in the supply area above the two EMAs crossover.

The stochastic oscillator is in the overbought region at 88% and its signal is pointing up which implies an upward price momentum within the range as bull pressure increases.

ETH is still ranging and trading between $413.61 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.