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 bears sustained the pressure as it journeyed to lower demand area of the range making a low of $223.01 in the demand area. The hammer formation at $227.60 in the demand area had a minor effect with a push to $228.59 in the supply area before the bears returned.
The bearish 4-hour opening candle at $227.49 sustained the bearish momentum and ETH was down to $216.10 in the demand area earlier today.
The price is below the two EMAs crossover, we may see more bear pressure with the range in the medium-term 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 – patience is required to allow this to happen before taking a position.
Ethereum Price Short-term Trend: Bearish
ETH is in a bearish trend its short-term outlook. Increased bearish pressure led to a break of $223.58 in the lower demand area of yesterday’s range with a large bearish engulfing candle. This was further made possible as the opening 1-hour candle was bearish. ETH was further down to $216.10 in the demand area.
The price is below the two EMAs with the stochastic oscillator in the oversold region. The price may continue the journey south as the bears increase their momentum in the short-term.
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