Ethereum (ETH) Price Analysis – August 16

Ethereum Price Medium-term Trend: Ranging

 

 
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50

 
ETH is ranging in the medium-term outlook. The strong bullish pressure was sustained at the 61.8 fib level, then the cryptocurrency saw upward price movement to $304.99 in the supply area. The formation of a bearish hammer dropped price to $277.00 in the demand area as the bears’ returned.

 
Price is above the 10-day EMA with the stochastic oscillator at 64% and it signal points up. These reflect the bullish pressure and upward movement in price of the cryptocurrency.

 
The cryptocurrency is ranging 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: Bearish

 
ETH continues in the bearish trend in the short-term outlook. The strong bullish pressure took the cryptocurrency up $304.90 in the supply area and created the head. Momentum was lost and the bears pushed price down to $277.00 in the demand area and formed the neckline of the head and shoulder pattern.
The bullish 1-hour opening candle pushed price up $292.50 in the supply area to form the right shoulder. A return by the bears is most probable and price will journey down south.

 

 

 

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

 

hSOURCE: https://www.cryptoglobe.com/markets/price-analysis

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