Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH continues in the range in its medium-term outlook. The bullish 4-hour opening candle at $211 further pushed ETH to $224.29 in the supply area. The formation of bearish railroad signaled the bears return and price was pushed back into the range dropping ETH to $202.95 in the demand area.
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: Bullish
ETH is in a bullish trend in its short-term outlook. The sustained bullish pressure from the boxed order block in the demand broke through $200 in the upper supply area of yesterday range. ETH was up $212.00 in the supply area before the end of the trading session, with a retest of the broken area when price down to $200.80 in the demand area
Although the 1-hour opening candle was bearish at $211.09, the increased bullish momentum pushed price to $224.21 in the supply area earlier today.
The stochastic oscillator is in the overbought region at 68% with its signal pointing down. Which imply minor downward price movement, but the outlook remains bullish in the short-term.
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