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. The bullish momentum within the range was exhausted after ETHUSD was up at $212.00 in the supply area on 21st October. The bears forced the price down to $206.31 in the demand area below the two EMAs.

The 4-hour opening candle at $207.28 was a bullish doji – an indication of bulls gradual return. $208.86 in the supply area was the high earlier today within the two EMAs.

The price is below the twos EMAs with the stochastic oscillator at 40% and its signals pointing down implies that bearish pressure within the range may prevail.

ETH is in consolidation and trading between $220.00 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 bears’ pressure from yesterday’s inverted hammer at $209.95 ensure that ETHUSD was down to $207.53 late yesterday as the candle closed as a bearish marubozu. Earlier today after the opening price was down to $206.20 it closed as a bearish hammer – signalling the bulls return. The brief bulls return managed to push ETHUSD to $208.86 in the supply area.

The bears are back with the formation of the full-bodied marubozu candle at $208.63. The price is below the two EMAs.

The head and shoulder pattern is seen forming. As the bears’ pressure becomes much stronger $204.00 in the demand area may be attained in the short-term.

 

 

 

 

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