Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100
ETH/USD Long Term Bias : Ranging
The ETH/USD pair had been in a range-bound move after the last bearish impulse in August. In the first instance, the price made an upward correction which was resisted at the $220. Consequent to that, the coin nosedived to the previous low at $160. Presently, the coin is fluctuating between the levels of $160 and $200. Recently, in October after the bulls took control of the price, the coin is now consolidating between the levels of $177 and $195.
Every time the market tests the $195 resistance, the coin will retrace to a low at $177. This has been the price situation in recent times. Nonetheless, if the price breaks the $200 price level, ETH will rally to $220. Also, if the upward move is sustained above $220, Ethereum will recommence its uptrend movement. ETH will be regarded as out of the range-bound zone. Meanwhile, the fluctuations will continue as long the coin is within the current price range.
Daily Chart Indicators Reading:
Ethereum has been reversed in September according to the 1.272 Fibonacci extension level. A break at the resistance line will compel ETH to resume a bullish movement.
ETH/USD Medium-Term Bias: Ranging
On the 4-hour chart, Ethereum is fluctuating between the levels of $177 and $195. The breaking of the levels will determine Ethereum’s next move. Meanwhile, the price is trading above the support line. This means the coin will fluctuate for a few more days.
4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are sloping smoothly in between the price level indicating the sideways movement. The market is in a bearish momentum below the 75% range of the Stochastic.
General Outlook for ETH
Ethereum is likely to continue to trade in a sideways move as the price is at $180. ETH may revisit the previous low if the bears have the upper hand above the bulls. The market seems to be stagnant above $180 for the past three days. If the bulls take control of the price, ETH will retest the resistance line.
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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.