Ethereum (ETH) Price Analysis – September 24

Azeez Mustapha
  • The bulls are still in control of ETH medium and short-term outlook
  • Traders may look to buy at pullbacks with bullish candles reversal pattern as confirmation

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Price Medium-term Trend: Bullish

Supply zones: $400, $450, $500

Demand zones: $150, $100, $50

ETH remains in a bullish trend in its medium-term outlook. The 4-hour opening candle was a doji followed by a bearish engulfing candle which signalled the bears' presence. Price is below the 10-EMA and the stochastic oscillator is at 32% and it signal points down. An indication to further downward movement in price in the medium term.

With Fibonacci, price is within the 38.2 fib level a trend continuation zone. The bears' pressure may push price down to $225.19 in the 38.2 fib area before the bulls stage a strong comeback for uptrend continuation to a new high of the day. $280.00 may be the bulls initial target.

ETHUSD Short-term Trend: Bullish

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

ETH continues in the bullish trend in its short-term outlook. ETH is in an ascending channel. The strong bullish pressure that pushed price up to $255.00 in the supply area was lost. Rejection to upward price movement as ETH bounces off the upper line of the channel. The strong bears' pressure dropped price to $231.45 in the demand area below the two EMAs. 

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research