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 bulls’ continued dominance within the range ended when ETHUSD was at $208.00 in the supply area with a wick at the candle which was a sign of exhaustion. The bears gradually staged a return with a bearish spinning top at $207.10. The confirmation of the bearish takeover was with a shooting star at $206.88.
Sustained bearish pressure dropped ETHUSD to $202.90 earlier today as the 4-hour opening candle was bearish.
The price is below the two EMAs and the stochastic oscillator is at 39% and its signal points down an indication of a further push of the price down due to the bear pressure 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: Bearish
ETH is in a bearish trend in its short-term outlook. $208.00 was the high the bullish pressure could take ETHUSD – close to the $214.00 target of yesterday’s analysis, before losing ground to the bears. The large engulfing bearish candle at $205.54 earlier today further confirmed the bears’ market dominance as ETHUSD dropped to $202.90 in the demand area.
The downward trend line serves as a strong resistance against upward movement. A bounce to the downside is expected after a minor pullback as the price is below the two EMAs crossover.
With candles formed and closed below the EMAs crossover due to increased bearish momentum, $200.00 may be the bears’ targets in the short-term.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research
