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. $202.32 in the demand area was the point the strong bearish pressure experienced exhaustion as denoted by wicks in the area. This was close to the 61.8 fib level as predicted yesterday. The formation of a spinning top returned the bulls.
The bearish 4-hour opening candle at $219.45 closes at 207.31 in the demand area forming a bearish railroad. This implies a downward movement in ETH price as it ranges.
The cryptocurrency is in consolidation trading between $222.44 in the upper supply area and at $203.31 in the lower demand area of the range. Traders should be patient and allow a breakout at the upper supply area or breakdown at the lower area to occur before taking a position.
Ethereum Price Short-term Trend: Ranging
ETH is in consolidation in its short-term outlook. The bearish momentum faded after the bullish railroad at $206.66 in the demand area. The bulls' upward movement was short-lived at $219.80 in the supply area after a bearish railroad formation. ETH was down to $207.31 in the demand area as bullish spinning top emerges signalling bullish reversal as ETH ranges in the short-term.
ETH is ranging and trading between $223.90 in the upper supply area and at $206.25 in the lower demand area of the range. Patience should be exercised during this period for a breakout or a breakdown before taking a position.
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