Ethereum (ETH) Price Analysis – October 9
- The medium-term outlook remains in consolidation while the short-term is in a bullish trend.
- Patience should be exercise trading the consolidation
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 pressure within the range was sustained as ETH made a high of $234.90 in the supply area with the price above the two EMAs crossover.
The bears' pressure was minor with a drop of price to $228.94 in the demand area as the candle closed as a doji nullifying the bears' pressure and a possible bullish takeover in the range.
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 taking a position.
Ethereum Price Short-term Trend: Bullish
Ethereum Chart by TradingViewETH is in a bullish trend in its short-term outlook. Rejection to further downward price movement at $224.30 in the demand area broiught back the bulls. The price was up to $234.90 in the supply area. A pullback to $228.640 in the demand area occured but the price was later back up to $232.59 in the supply area.
The bearish pressure was sustained after today’s opening as ETH was down to $228.94 in the demand area. This was at the 38.2 fib level, a trend continuation zone.
The pullback is necessary for the market correction before uptrend continuation as the price sits above the two EMA and the stochastic oscillator is at 43%. Its signal points up which implies that upward price movement in the short-term may be witnessed.
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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