Ethereum (ETH) Price Analysis – October 16

Azeez Mustapha
  • The medium and short-term outlook is in consolidation
  • Patience will be a good strategy to adopt at this period to allow for a defined trend before taking a position.

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Price Medium-term Trend: Ranging

Supply zones: $400, $450, $500

Demand zones: $150, $100, $50

ETH continues in the range in its medium-term outlook. ETHUSD was down to $208.45 in the demand area before the end of yesterdays trading session. The 4-hour opening candle at $214.31 was bearish, hence more opportunity for the bears to keep pushing price down.

The stochastic oscillator is at 38% and its signal points down this is a divergence to price. Ths implies that the downward momentum in price due to the bears' pressure will prevail in the medium-term.

ETH is in consolidation and trading between $240.00 in the upper supply area and at $189.45 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 is taken.

Ethereum Price Short-term Trend: Ranging

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

ETH is in consolidation in its short-term outlook. The bears' pressure after an inverted hammer formed at $220.48, led ETHUSD to a low of $208.45 in the demand area before the end of yesterdays session, this was below the 10 EMA.

Price is above the two EMAs with the stochastic oscillator at 61% and its signal points up, the implication is an upward price movement that may lead to a touch on the upper price range as it consolidates.

ETH is in consolidation and trading between $221.00 in the upper supply area and at $206.22 in the lower demand area of the range. Traders should be patient for a  breakout or breakdown to occur before taking a position.

 

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