Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Price Medium-term Trend: Ranging

Supply zones: $400, $450, $500

Demand zones: $150, $100, $50

ETH is ranging in its medium-term outlook. The bullish pressure from the long-tailed candle at $217.10 raised ETH price to $239.46 in the supply area above the two EMAs crossover.

The bearish railroad at $238.50 further confirms the bearish pressure. The 4-hour opening candle at $232.96 was a gravestone doji and price dropped further to $229.32 in the demand area as ETH ranges. 

ETH is in consolidation and trading between $239.89 in the upper supply area and at $217.08 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to  happen before a position.

Ethereum Price Short-term Trend: Ranging

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

ETH is in consolidation in its short-term outlook. Loss of bullish momentum at $239.00 in the supply area returned the bears with a large bearish engulfing candle. Price was down to $226.00 but closes higher at $235.56 due to the doji formatting at the end of yesterdays session.

ETH is in consolidation and trading between $238.00 in the upper supply area and at $223.58 in the lower demand area of the range. Traders should wait for a breakout or breakdown before taking a position.

 

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