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. Rejection to further upward price movement at $225.40 in the supply area was obvious due to the 50-EMA that acted as a strong resistance. Bullish exhaustion denoted by wicks in the candles coupled with a bearish spinning top at $224.39 to ensure ETH dropped to $220.00 in the demand area yesterday.
The bearish 4-hour opening candle at $222.37 sustained the bearish momentum within the range as ETH was down to $219.34 in the demand area earlier today as it consolidated.
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 hence patience is required to allow this to happen before taking a position.
Ethereum Price Short-term Trend: Bearish
ETH is in a bearish trend in its short-term outlook. The strong bearish from the supply area at $226.00 broke the $223.58 in the lower demand area of yesterday’s range thus continuing the downward journey. $222.00. in the demand area was the low of yesterday. The bearish momentum continues earlier today with ETH dropped to $219.34.
A bounce off the downward trendline occurred each time the price touched it, especially around the broken demand area. It implies that more lows may reached/
$216.00 in the demand area may be the bears’ initial target as it pushes the price further down.
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