Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH continues ranging in its medium-term outlook. Price is below the two EMAs with stochastic indicator in the oversold region and it signal points down. It connotes a downward price movement may occur within the range in the medium term as the bears’ momentum increases.
The cryptocurrency remains in the range and trading between $310.00 in the upper supply area and at $260.00 in the lower demand area of the range. Patience should be exercised for a breakout or breakdown to occur before taking a position.
Ethereum Price Short-term Trend: Ranging
ETH remains in consolidation in its short-term outlook. Although on the 1-hour opening candle there was a bullish hammer at $289.27, the bear pressure remained strong and this dropped ETH down to $280.85 in the demand area within the range.
ETH is still in consolidation and trading between $296.14 in the upper supply area and at $280.00 in the lower demand area of the range. Traders should wait for a breakout or breakdown to occur before taking a position.
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