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 formation of a bearish railroad at $221.83 in the supply area brought the bears back to the market. ETH was down $209.96 to in the demand area.
The stochastic oscillator is at and its signal points up. This implies an upward momentum in price.
The cryptocurrency is in consolidation trading between $222.44 in the upper supply area and at $203.31 in the lower demand area of the range. Traders should be patient and allow a breakout at the upper supply area or breakdown at the lower area to occur before taking a position.
Ethereum Price Short-term Trend: Ranging
ETH remains in consolidation in its short-term outlook. The bullish momentum within the range pushed the price up to $223.00 in the supply area before the bears staged a comeback and pushed ETH back down.
$212.55 was the initial low of ETH towards the end of yesterday. The bearish 1-hour opening candle at $215.51 sustained the bears’ pressure making a low of $209.96 as it continues ranging.
ETH is ranging and trading between $223.90 in the upper supply area and at $206.25 in the lower demand area of the range. Patience should be exercised during this period for a breakout or a breakdown before taking a position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
