Ethereum Price Analysis – July 2
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
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.
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