Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH returns to the range in its medium-term outlook. Bullish rejection to the upside occurred at $226.77 in the supply area with a pinbar formation. ETH was initially down to $203.00 below the two EMAs crossover. Increased bearish momentum led to further drop to $192.50 in the demand area.
The stochastic oscillator is in the oversold region at 8% with its signal undefined – a reflection of the ranging scenario.
ETH is I consolidation and trading between $225.00 in the upper supply area and $190.00 in the lower demand area of the range. Traders should allow a breakout at the upper supply area or breakdown at the lower demand area to occur before taking a position.
Ethereum Price Short-term Trend: Bearish
ETH is in a bearish trend in its short-term outlook. The strong bearish pressure broke the lower demand area at $213.70 and went further down to 192.50 in the demand area. The bullish railroad formation signals the bulls are back. ETH was up $198.77 in the supply area.
The price is still around the 23.6 fib level, a trend continuation zone. The stochastic is in the oversold region at 22% and its signal points up. These imply that upward price movement may occur and this may push the price to the 38.2 fib level before the bears likely stage a comeback.
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