Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

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 strong all day as ETHUSD was initially down at $206.13.  Increased momentum led to a further drop in price to $203.53 in the demand area. The opening 4-hour was a doji with direction yet but the next candle will provide one.

The price is below the two EMAs crossover and the stochastic oscillator is in the oversold region at 15% with its signal pointing down. This suggests a downward price movement may likely occur.

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: Bearish

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

ETH is in a bearish trend in its short-term outlook. The strong bears’ pressure broke $206.22 in the lower demand area of yesterday’s range with a large bearish engulfing candle. A retest was made and ETHUSD went further down to $203.53 in the demand area.

The bullish 1-hour opening candle at $205.08 was rejected again for upward movement after opening, dropping ETHUSD down at $203.69

The price is below the two EMAs which indicates bear pressure. The stochastic oscillator signal points down which implies downward price movement. This may see ETHUSD reach $196.00 in the demand area in the short-term as the bears’ pressure becomes much stronger.

 

 

 

 

 

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