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 bullish pressure was weak within the range after pushing the cryptocurrency up to $297.36 in the supply area. The bears returned and pushed the price down to $284.34 in the demand area.
The bearish 4-hour opening candle at $288.75 sustained the bears’ pressure and price was down to $280.31 in the demand area.
The price is below the two EMAs with the stochastic oscillator at 45% and its signal points down. This implies some bearish pressure may occur within the range in the medium-term.
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: Bullish
Ethereum Chart by TradingView
ETH remains in its bullish trend in the short-term outlook. The bears’ pressure resulted in the drop of the cryptocurrency to $280.31 in the demand area. This was the 61.8 fib level a trend reversal zone. A bullish pinbar has been formed which is an indication of the bulls return.
The stochastic oscillator is in the oversold region at 18% with it signal not up yet. This may happen as the bullish momentum sets in. The price maybe heading up to the $300.00 target in the supply area in the short-term.
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