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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 bearish pressure within the range was strong as ETH dropped to $196.00 in the demand area despite the railroad formation that should have brought about a bullish rally.
Exhaustion to both bearish momentum and bullish momentum was confirmed by the presence of wicks in the candles. The opening 4-hour candle was a bearish pinbar at $209.83 and the price was down to $207.00 in the demand area earlier today. The stochastic oscillator is at 54% and its signal is parallel, a reflection of the ranging scenario.
ETH is in consolidation and trading between $225.00 in the upper supply area and $190.00 in the lower demand area of the range. Traders should allow a breakout at the upper supply area or breakdown at the lower demand area to occur before taking a position.
Ethereum Price Short-term Trend: Ranging
ETH is ranging in its short-term outlook. The strong bullish pressure weakens when ETH was up at $215.83 in the supply area with the bears making a return with the formation of spinning top at $209.83
The cryptocurrency was down to $196.00 in the demand area. The bullish railroad formation pushed the price up to $214.50 in the supply area as ETH consolidated.
ETH is ranging and trading between $216.40 in the upper supply area and at $195.97 in the lower demand area of the range. A breakout at the upper area or breakdown at the lower area is imminent – therefore traders should be patient and allow this to occur 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.
Source: https://www.cryptoglobe.com/markets
