Ethereum (ETH) Price Analysis – October 8

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Ethereum (ETH) Price Analysis – October 8

ethereum-eth-price-analysis-october-8

  • The medium-term outlook is in consolidation while the short-term outlook is in a bearish trend.
  • Traders may consider selling with bearish reversal candles as confirmation as the short-term outlook shows an inverted head and shoulder pattern.

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

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

Ethereum, ETHUSD, Cryptocurrencies, chartEthereum Chart by TradingView

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.

 

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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