Ethereum (ETH) Price Analysis – October 11
- The bears are in control of both the medium and short-term outlook
- The journey south may have began, responsible selling at previous demand areas now supply areas with good reversal candles as confirmation
Ethereum Chart by TradingViewEthereum Price Medium-term Trend: Bearish
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH is in a bearish trend in its medium-term outlook. The minor bullish pullback to $227.84 in the supply area was short-lived as the day ended on a bearish doji. The 4-hour opening candle at 226.70 was a large bearish engulfing candle that broke the $217.80 of yesterday's lower demand area. ETH initially dropped to $199.48 and later to $195.42 in the demand area.
ETH has been in this demand area twice - on 15th September 2017 and 8th September 2018 and the price was $198.00 and $190.00 respectively.
The price is below the two EMAs crossover and the stochastic oscillator is in the oversold region at 22% and its signal points down. These imply a further downward movement in price may be seen in the medium-term as the bearish pressure becomes stronger.
The bears take profit may be at $169.33 in the demand area.
Ethereum Price Short-term Trend: Bearish
Ethereum Chart by TradingViewETH is in a bearish trend in its short-term outlook. Exhaustion to the bullish momentum was seen at $227.84 coupled with the bearish spinning top, that indicated bears presence just as yesterday session ended with ETH down at $225.92 in the demand area.
The bearish pressure was much stronger after today's opening with ETH dropped to $195.42 in the demand area. The stochastic oscillator is in the oversold region at 17% and ist signal points down. A minor pullback to the 23.6 fib level may occur for the market correction to occur before downtrend continuation in the short-term.
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