Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH continues ranging in the medium-term outlook. The sustained strong bullish pressure pushed the cryptocurrency up to $298.13 in the supply area yesterday. The bearish opening 4-hour at $295.59 dropped the ETH to $289.57 in the demand area. Rejection to further downward movement occurred as the bulls returned.
The price is above the two EMAs with the stochastic oscillator at the overbought region. This implies that bullish pressure may likely continue within the range in the medium-term.
The cryptocurrency remains in the range and is trading between $310.00 in the upper supply area and $260.00 in the lower demand area of the range. Patience should be exercised for a breakout or breakdown to occur before taking a position.
Ethereum Price Short-term Trend: Bullish
ETH continues in its bullish trend in the short-term outlook. $298.13 in the upper supply area was the point to which the bulls pushed the cryptocurrency yesterday.
The bearish pullback was within the 38.2 fib level which is a trend continuation zone, suggesting upward movement in price may occur as the bullish momentum increases in the short-term.
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