Ethereum Price Medium-term Trend: Ranging
Supply zones: $500, $550, $600
Demand zones: $200, $150, $100
ETH returns to the range in the medium-term outlook. The bearish momentum was sustained until the price was down to $346.35 in the demand area.
The opening 4-hour candle at $355.63 was bullish and the cryptocurrency was up at $363.15 in the supply area earlier today.
The stochastic oscillator is in the oversold region at 17% and its signal is parallel which reflects the consolidation scenario that is currently in place.
ETH is ranging and trading between $385.13 in the upper supply area and at $346.62 in the lower demand area of the range. Traders should be patient for a breakout at the upper range or a breakdown at the lower range before taking a position.
Ethereum Price Short-term Trend: Bullish
ETH resumes in a bullish trend short-term outlook. The bullish railroad formation successfully pushed price above the 10-day EMA. The price was further up to $363.15 in the supply area.
The stochastic oscillator is at 74% and its signal points up which implies upward momentum in the price of the cryptocurrency.
The bullish momentum may increase and this will lead to more candles being formed above the 10-day EMA. $390.00 in the supply area may be the bulls target in the short-term.
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