Ethereum (ETH) Price Analysis – October 26

Ethereum Chart by TradingView

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

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

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.




The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research

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