Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH remains in the range in its medium-term outlook. The bears' pressure within the range was briefly strong as ETHUSD was down to $209.66 in the demand area after the formation of the bearish engulfing candle at $216.31. Momentum for continuation was not available as the candle closes with a wick - an indication that the bulls are gradually returning. The 4-hour opening candle at $215.13 sustained the bullish momentum as ETHUSD was up at $215.00 in the supply area.
The price is hovering around the two EMAs and the stochastic oscillator at 38% with its signal not well defined as ETHUSD ranges.
ETH is in consolidation and trading between $230.00 in the upper supply area and at $195.00 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
ETH remains in a range-bound market in its short-term outlook. The bears managed to push the price down to $209.66 in the demand area from $217.07 at the supply area. It formed a doji, an indication of bears' exhaustion. The 1-hour opening candle at $213.03 was bearish, yet the bulls were able to raise ETHUSD to $213.23 earlier today.
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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