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. A new low of $224.00 in the demand area was attained yesterday as the bears’ pressure within the range was strong. Price was slightly below the 50 EMA but closes above it with a wick as a sign of exhaustion. The formation of a bullish tweezer bottom briefly returned the bulls before the end of yesterday session, and price was up to $232.35.

The 4-hour opening candle at $231.49 was bearish with price down to $228.50 in the demand area as ETH ranges. ETH is in consolidation and trading between $239.89 in the upper supply area and at $217.08 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.

Ethereum Price Short-term Trend: Ranging

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

ETH remains in consolidation in its short-term outlook. $224.00 in the demand area was the low of the day yesterday as the bearish pressure pushed price down. The bears lost momentum as the bullish long-tailed candle returned the bulls to the market. The bullish pressure within the range pushed ETH price up to $232.35 before the end of yesterday trading session.

The stochastic oscillator is at 58% and it signals points down which imply downward movement in the ETH price within the range. ETH is in consolidation and trading between $238.00 in the upper supply area and at $223.58 in the lower demand area of the range. Traders should wait for a breakout or breakdown before taking a position.

 

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