Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH is still in a range in its medium-term outlook. Bullish pressure continued within the range as ETH was up $222.00 in the supply area with an engulfing candle. A minor retracement occurred to $205.61 in the demand area before the end of yesterday’s trading session.
An opening 4-hour candle was bullish at $208.36 and closed above the 10-day EMA. The stochastic oscillator is at 58 and its signal points up. This implies the cryptocurrency’s price will go up, within the range.
ETH is in 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 or a breakdown before entering a position.
Ethereum Price Short-term Trend: Bullish
ETH is in a bullish trend in its short-term outlook. Strong bullish pressure with a large engulfing candle blast the 38.2 fib level and saw it go to the 86.0 fib level as ETH made a high of $222.00 in the supply area. The bears then returned, rejecting further upward movement.
The railroad formation that should have resulted in a bearish reversal was rejected by a spinning top, as the bulls then returned to keep trying to push ETH’s price up. The crypto’s price is above the two EMAs’ crossover, with the stochastic oscillator at 61 and its signal pointing up. This means bullish pressure may see ETH get to new short-term highs.
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