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 strong bearish pressure broke the $217.08 point twice in the lower demand area of the range, but the bull brought ETH back into the range – initially to $224.58 and later to $221.85 in the supply area.
The 4-hour opening candle at $220.74 maintained the bullish momentum within the range with ETH at $227.90 in the supply area earlier today. The stochastic oscillator is at 43% and its signal points up which implies upward price movement due to the bullish pressure within the range.
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 so patience is required to allow this to happen before taking a position.
Ethereum Price Short-term Trend: Ranging
ETH is back in the range in its short-term outlook. The formation of a double bottom at 224.00 in the demand area signals bearish exhaustion and a bullish takeover. The bullish 1-hour opening candle sustained the momentum and ETH was up $227.60 in the supply area as ETH returned to the range
The price is above the two EMA with the stochastic oscillator in the overbought region at 81% and its signal is up. This connotes upward price movement within the range may occur as ETH ranges.
ETH is in consolidation and trading between $231.61 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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