Ethereum (ETH) Price Analysis – September 3
- The medium and short-term outlook continues in consolidation
- Patience should be exercised trading the range.
Ethereum Chart by TradingView
Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH continues ranging in its medium-term outlook. $302.70 in the supply area was attained on 1st September with the strong bullish pressure from the low of $277.00 in the demand area.
The railroad formation returned the bears and price was down $285.75 in the demand area below the 10-day EMA.
The stochastic oscillator is at 33% and it signals points down which is implies downward momentum in price of the cryptocurrency as it continues consolidation.
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: Ranging
Ethereum Chart by TradingViewETH remains in consolidation in its short-term outlook. The 1-hour opening candle was bearish at $295.35 with sustained pressure price was down to 285.75in the demand area. Price is below the two EMAs crossover which implies further bear pressure within the range
ETH is in consolidation and trading between $296.14 in the upper supply area and at $280.00 in the lower demand area of the range. Traders should wait for a breakout or breakdown to occur before taking a position.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research
Article comments