Ethereum (ETH) Price Analysis – August 23

Ethereum Price Medium-term Trend: Ranging

 
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50

 
ETH continues ranging in the medium-term outlook. The strong bearish pressure was sustained leading to further drop in the Ethereum price to $259.20 in the lower demand area before the close of yesterdays market.

 
The bulls gradually gathered momentum within the demand area as indicated by the hammer and the bullish 4-hour opening candle at $270.50. Price was up $275.49 in the supply area with potential to make new highs as the bullish pressure increases within the range.

 
The stochastic oscillator is in the oversold region at 26% and its signal points up which means upward momentum in price of the cryptocurrency may occur in the medium-term.

 
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
ETH continues in the range in the short-term outlook. The bullish long-tailed candle returned the bulls and ETH returned back in the range. The stochastic oscillator is at 61% and it signal points up which implies bulls pressure within the range.

 
ETH remain in consolidation and trading between $295.55 in the upper supply area and at $269.35 in the lower demand area of the range. Patience will be a good strategy to adopt as the coin ranges to allow for a breakout or breakdown 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.

 

Source: https://www.cryptoglobe.com/markets

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Mercedes Van Essen

• 

  Jagdip Cheema

• 

  Thierry Laduguie

• 

  ForexSQ