Ethereum (ETH) Price Analysis – October 11

Azeez Mustapha
  • The bears are in control of both the medium and short-term outlook
  • The journey south may have began, responsible selling at previous demand areas now supply areas with good reversal candles as confirmation

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Price Medium-term Trend: Bearish

Supply zones: $400, $450, $500

Demand zones: $150, $100, $50

ETH is in a bearish trend in its medium-term outlook. The minor bullish pullback to $227.84 in the supply area was short-lived as the day ended on a bearish doji. The 4-hour opening candle at 226.70 was a large bearish engulfing candle that broke the $217.80 of yesterday's lower demand area. ETH initially dropped to $199.48 and later to $195.42 in the demand area. 

ETH has been in this demand area twice - on 15th September 2017 and 8th September 2018 and the price was $198.00 and $190.00 respectively.

The price is below the two EMAs crossover and the stochastic oscillator is in the oversold region at 22% and its signal points down. These imply a further downward movement in price may be seen in the medium-term as the bearish pressure becomes stronger.

The bears take profit may be at $169.33 in the demand area.

Ethereum Price Short-term Trend: Bearish

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

ETH is in a bearish trend in its short-term outlook. Exhaustion to the bullish momentum was seen at $227.84 coupled with the bearish spinning top, that indicated bears presence just as yesterday session ended with ETH down at $225.92 in the demand area.

The bearish pressure was much stronger after today's opening with ETH dropped to $195.42 in the demand area. The stochastic oscillator is in the oversold region at 17%  and ist signal points down. A minor pullback to the 23.6 fib level may occur for the market correction to occur before downtrend continuation in the short-term.

 

 

 

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