Ethereum (ETH) Price Analysis – October 8
Ethereum Price Medium-term Trend: Ranging
Supply zones: $400, $450, $500
Demand zones: $150, $100, $50
ETH continues in the range in its medium-term outlook. The bearish pinbar formed at the demand area was a signal of the bulls return. ETH was up to $227.76 in the supply area as it continues in the ranging scenario.
ETH is in consolidation and trading between $239.89 in the upper supply area and at $217.08 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence patience is required to allow this to happen before taking a position.
Ethereum Price Short-term Trend: Bearish
ETH is in a bearish trend in its short-term outlook. The formation of a doji after todays opening serves as a reversal signal. This was further confirmed with the bearish candles as ETH was down to $224.20 In the demand area.
The structure of ETH is an inverted head and shoulder pattern. The right shoulder is been formed and this may drop ETH further down to $216.00 in the demand area in the short-term as the bears’ pressure becomes much stronger.
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