Ethereum Price Medium-term Trend: Bearish
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH enters the range in its medium-term outlook. The strong bearish pressure was lost after a drop in price to $167.32 in the demand area, closing the candle as a spinning top - an indication of the bulls’ gradual return.
The large bullish engulfing candle confirmed the bulls return as ETH was up $184.54 in the supply area yesterday.
The 4-hour opening candle at $183.17 was bullish and the price was up $192.98 after opening. The price is currently above the 10-EMA with the stochastic oscillator at 48% and it signal points up. This connotes upward momentum in the price of ETH as it consolidates.
ETH is ranging and trading between $210.00 in the upper supply area and at $170.00 in the lower demand area of the range. Traders should be patient and allow a breakout at the upper area or breakdown at the lower area before taking a position.
Ethereum Price Short-term Trend: Ranging
ETH enters into a range in its short-term outlook. Rejection to continued downward price movement was seen as wicks were formed in the candles boxed in the order block. A large bullish engulfing candle from the order block signalled the return of the bulls, and this was sustained early today. The cryptocurrency was up $192.98 in the supply area as it enters into consolidation.
The price is above the two EMAs crossover with the stochastic oscillator in the overbought region and its signal is parallel which is a reflection of the ranging scenario.
ETH is in consolidation and trading between $200.11 in the upper supply area and at $175.59 in the lower demand area of the range. A breakout or breakdown is likely imminent hence patience is needed to allow this play out.
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