Ethereum Price Analysis – July 2


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Ethereum Price Analysis – July 2

ethereum-price-analysis-july-2

  • The cryptocurrency is ranging in both the medium and short-term outlook.
  • Patience should be adopted to allow for a defined trend before taking a position.

Ethereum Chart by Trading View

Ethereum Medium-term Trend: Ranging

Supply zones: $550, $600, $650

Demand zones: $350, $300, $250

Ethereum is ranging the medium-term outlook. The bearish pressure could only push price to $404.99 in the demand area before losing momentum. This was a retest of the demand area price made on April 11th. The formation of a bullish hammer coupled with the large engulfing candle signal the bulls come back.

The cryptocurrency is trading between $455.75 in the supply area of the upper range and $409.42 in the demand area of the lower range. Price is hovering around the two EMAs as you can see.

The stochastic oscillator is at 63 percent and it signals point down suggesting downward movement in the price of the cryptocurrency due to the bears’ pressure in the medium-term. Traders should be patient to allow a breakout to the upside from the upper range or a breakdown to the downside at the lower range before taking a position.

Ethereum short-term Trend: Ranging

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by Trading View

The cryptoasset is ranging in the short-term outlook. The bullish momentum that started after the formation of a bullish spinning top on June 30th at $446.96 came to an end when price was up $457.06 in the supply area. The double top formation in the supply area returns the bears and they pushed price to $443.10 in the demand area.

The stochastic oscillator is at 34 percent with its signal pointing up suggesting upward momentum in price of the cryptocurrency.

The cryptoasset is trading between $455.75 in the supply area of the upper range and $443.11 in the demand area of the lower range. A good scalping strategy could be adopted trading the consolidation in the short-term as the cryptocurrency ranges.

 

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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