Ethereum Chart by TradingView
Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH continues ranging in its medium-term outlook. $302.70 in the supply area was attained on 1st September with the strong bullish pressure from the low of $277.00 in the demand area. The railroad formation returned the bears and price was down $285.75 in the demand area below the 10-day EMA.
The stochastic oscillator is at 33% and it signals points down which is implies downward momentum in price of the cryptocurrency as it continues consolidation.
The cryptocurrency remains in the range and trading between $310.00 in the upper supply area and at $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: Ranging
ETH remains in consolidation in its short-term outlook. The 1-hour opening candle was bearish at $295.35 with sustained pressure down to $285.75 in the demand area. Price is below the two EMAs crossover which implies further bear pressure within the range.
ETH is in consolidation and trading between $296.14 in the upper supply area and at $280.00 in the lower demand area of the range. Traders should wait for a breakout or breakdown to occur before taking a position.
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