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 end of the bear pressure came after ETHUSD dropped to $202.53 in the demand area on 23rd October with price below the two EMA and the stochastic oscillator was at 9% in the oversold region. The formation of a bullish inverted hammer returned the bulls that pushed price up to $207.50 in the supply area before the end of yesterday session.
The bullish 4-hour opening candle at $205.90 sustained the momentum and ETHUSD was up at $208.00 in the supply area earlier today. Price is above the 10-EMA but below the 50-EMA. The stochastic oscillator is at 70% and its signal points up. This suggests bullish pressure continuation within the range
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: Bullish
ETH is in a bullish trend in its short-term outlook. The bears’ target of yesterdays analysis at $204.00 was attained and went further down to $202.53 in the demand area. Rejection to further downward price movement occurred due to loss of momentum coupled with the area been a key demand level.
ETHUSD was up $207.60 breaking out of the two EMAs before the end of yesterday session. The 1-hour opening candle was a bullish doji, this sustained the momentum as ETHUSD retested $208.00 earlier today.
Price is above the two EMAs and the stochastic oscillator is in the oversold region at 80% but its signal points up which implies upward price movement.
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