Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH continues in a range-bound market in its medium-term outlook. $205.25 at the supply area was the high ETHUSD while $203.67 in the demand area was the low it made before the end of yesterday session.
The 4-hour opening candle at $203.48 was a bullish spinning top an indication of the bulls return that pushed ETHUSD to $204.26 in the supply area earlier today.
The price is below the two-EMAs and the stochastic oscillator is at 19% and its signal still points down – an indication that the bears are still lurking within the range.
ETH is in consolidation and trading between $220.00 in the upper supply area and at $195.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before a position is taken.
Ethereum Price Short-term Trend: Bearish
ETH remains in a bearish trend in its short-term outlook. The bullish pullback from $202.90 in the demand area took ETHUSD to $205.25 in the supply area. The formation of a bearish railroad at $204.92 signalled the return of the bears late yesterday.The 1-hour opening candle at $204.92 was a bearish marubozu candle as ETHUSD dropped to $203.50 in the demand area earlier today.
The price is above the 10-EMA but below the 50-EMA which suggest minor bullish movement, this is confirmed by the stochastic oscillator at 33% and its signal pointing up – an indication of upward momentum in the price of ETHUSD.
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