Ethereum (ETH) Price Analysis – October 17

Azeez Mustapha
  • The medium and short-term outlook is in consolidation
  • Patience will be a good strategy to adopt at this moment.

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Price Medium-term Trend: Ranging

Supply zones: $400, $450, $500Image

Demand zones: $150, $100, $50

ETH continues in the range in its medium-term outlook. The bears and bulls' momentum is at pall hence the ranging scenario. $211.84 was the low yesterday. The 4-hour opening candle at $215.13 was bullish and the price was up $217.47 in the supply area earlier today.

The price is above the two EMAs crossover and the stochastic oscillator is at 41% with its signal in parallel line which is a replication of the ranging scenario.

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 remains in consolidation in its short-term outlook. The bullish railroad formed at 212.67 yesteradt coupled with the bullish 1-hour opening candle pushed the ETH price up to 217.07 in the supply area. The loss of bullish momentum brought back the bears - whose pressure dropped ETH to $214.00 in the demand area.

The price is twinned around the two EMA an indication of low momentum between the bear and the bulls.

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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