Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH continues ranging in its medium-term outlook. The bullish momentum from the pinbar at $280.85 in the demand area could only pushed the price to $293.04 in the supply area. The bears returned was with a large bearish engulfing candle.
The price was down to 269.31 in the demand area as the bears’ momentum was high in within the range. The price is below the two EMAs with stochastic in the oversold region and it signal points down. It connotes a downward price movement may occur within the range in the medium term as the bears’ momentum increases.
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 bulls successfully raised the price of the cryptocurrency to $293.04 in the supply area the high of the day before the bears set in. The price was down to $282.20 in the demand area, the lowest before the end of the trading session yesterday.
The 1-hour opening candle though bullish at $285.34, the bear pressure remained strong pushing the price down south within the range. The price is currently down to $283.00 in the demand area with the stochastic oscillator in the oversold region at 17%.
ETH is still 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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