Ethereum (ETH) Price Analysis – October 10
- The medium-term outlook remains in consolidation while the short-term is in a bullish trend
- The pullback to reversal zone with reversal candle pattern confirms bullish takeover.
Ethereum Chart by TradingViewEthereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH continues in the range in its medium-term outlook. The bullish exhaustion denoted by wicks confirmed by the bearish railroad at $231.82 confirmed the bears' takeover.
The 4-hour opening at $228.58 was bearish thus sustaining the bearish momentum as the price was down to $233.23 in the demand area earlier today below the two EMAs.
ETH is in consolidation and trading between $239.89 in the upper supply area and at $217.08 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.
Ethereum Price Short-term Trend: Bullish
Ethereum Chart by TradingViewETH is in a bullish trend in its short-term outlook. The strong bearish pressure dropped ETH further down to the 50.0 fib level at $226.71 in the demand area before a pullback to $229.59 which was at 38.2 fib level.
The bearish pressure was further stronger earlier today as ETH was down to 223.30. This was at the 78.2 fib level - a trend reversal zone. The formation of pinbar at this reversal zone coupled with a bullish candle is a confirmation to the full comeback.
The stochastic oscillator is at 31%. Its signal points up which implies upward price movement in the short-term.
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