Ethereum Price Medium-term Trend: Bearish
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH remains in a bearish trend in its medium-term outlook. Rejection to further downward price movement was seen at the demand area boxed and titled DZ. The 4-hour opening candle at $229.72 was bullish and closes as a doji with price up to $234.56 in the supply area.
Price is currently within the 23.6 fib level, a trend continuation zone. The close of the current candle will be significant at this moment. A close above it opening of $230.08 will mean the bulls maintain the momentum and price may push up into the 38.2 fib level before the bears stage a comeback.
A close below its opening price will connote a bearish candle and that will imply further downward push by the bears as the overall outlook remains bearish.
Ethereum Price Short-term Trend: Ranging
ETH returns to the range in its short-term outlook. The bulls manage a push of the cryptocurrency price up to $231.02 in the supply area from $220.10 in the demand area. The bullish momentum was sustained earlier today with the price up to $234.56 before exhaustion. The bears returned and pushed price below the 10-EMA.
ETH is in consolidation and trading between $243.17 in the upper supply area and at $211.29 in the lower demand area. Traders should be patient for a breakout at the upper supply for a long position or breakdown at the lower demand area for a short position.
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