Ethereum (ETH) Price Analysis – August 28
- The medium-term outlook continues in a range while the short-term is in a bullish trend.
- Patience should be exercised as the cryptocurrency ranges in the medium-term.
Ethereum Chart by TradingViewEthereum 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 within the range has been consistent with price initially up to $280.19 above the 10-day EMA. Price is above the two EMAs with the stochastic oscillator at the overbought region. These imply bullish pressure may likely continue 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 TradingViewETH is in a bullish trend in the short-term outlook. $281.99, the upper supply area of yesterday range was nicely broken as bullish pressure returns. The opening 1-hour candle was bearish and price was down to retest of the broken supply area-turned-demand area when the cryptocurrency was at $282.17 in the demand area.
Price is above the two EMAs crossover and the stochastic oscillator at 67%. $300.00 in the supply area may likely be the bulls target in the short-term as they increase momentum northward.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research
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