Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

Ethereum Price Medium-term Trend: Ranging

Supply zones: $400, $450, $500

Demand zones: $150, $100, $50

ETH continues ranging in the medium-term outlook. $272.75 in the demand area was the point the bears pushed the cryptocurrency  down to, from $293.45 in the supply area.

The bearish 4-hour opening candle at $283.10 further pushed ETH to $278.02 in the demand area. The Price is below the two EMA which implies bearish pressure within the range may occur 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: Ranging

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

 ETH is in consolidation in its short-term outlook. Deep retracement to 88.6 fib level due to the bears’ pressure dropped the cryptocurrency to $272.45 in the demand area. The formation of a bullish spinning to returned the bulls. 

The 1-hour opening candle at $284.10 is bearish.  The cryptocurrency was down to $278.06 in the demand area.

ETH is in consolidation and trading between $296.14 in the upper supply area and at $269.95 in the lower demand area of the range. Traders should wait for a breakout or breakdown 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

Original Post

Article Source

Published on

2018-08-31 12:42:54

Author

Azeez Mustapha

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