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Price Analysis of Ethereum (ETH)– October 4th 2018

MTonomy ethereum

Medium-Term Price Trend for Ethereum

Supply Zone – Prices of $400, $450 and $500

Demand Zone – Prices of $150, $100 and $50

The Ethereum continues to trade within the price range of its mid-term outlook. A robust bearish pressure managed to break the ETH twice from the $217.08 price point in the lower range of the demand area, but a bullish surge managed to bring back ETH into the price range of $ 224.58 and then at $221.85 in its supply area.

Earlier today, the opening 4-hour candle at the price of 220.74 maintained its bullish movement in the range at 227.90 with ETH in the area of supply. With the stochastic oscillator at 43%, its signal points were up implying an upward movement in price owing to bullish pressure within the said price range.

Ethereum is consolidating and is trading between the range of $217.08 in the lower demand area and $ 239.89 in the upper supply area. A breakout is imminent in either the lower are or the upper supply area, hence patience is needed for allowing the breakdown to occur before it takes a position.

Short-term Price Range for Ethereum

Ethereum has returned to the range of its near-term outlook. The double bottom formation at 224.00 in the demand area indicates the bullish takeover and ending an exhausting bearish run. The 1-hour bullish opening candle continued its momentum, and the Ethereum witnessed its prices up to $ 227.6 in the supply area as the Ethereum came back to the range.

The price of ETH is over both the EMA and with a stochastic oscillator above the region of 81% with its signal up. This indicates an upward movement in price might occur.

ETH is consolidating and is currently trading between the range of $223.58 and $231.61. Investors need to remain patient and await a breakout or a breakdown before assuming any position.

 

 

 

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