Ethereum is still consolidating in price short and medium term. It’s important that no trade action is made until a breakout or a breakthrough is attempted. Currently, the demand zones for Ethereum Classic are $100, $150 and $50 while the supply zones are $500, $400 and $450. On the medium-term outlook, Ethereum is trading in range. It is currently trading below the 24 and 12 EMAs. The stochastic oscillator is in the oversold region with signal pointing down. This means that the price may fall even though it is currently in range. The bearish pressure is increasing.
Ethereum (ETH) Price Analysis
Ethereum is trading in range between $310.00 which is in the supply area and $260.00 which is in the demand area. Ethereum is consolidating short-term but the opening candlestick on the hourly chart is near the bullish hammer which is at $289.27. The bears continued to put pressure in the market until the price of Ethereum fell to $280.85 which was in the demand area.
Ethereum (ETH) Price Today – BTC / USD
Short-term, the cryptocurrency is trading between $296.14 which is in the supply area and $280.00 which is in the demand area. Traders are also advised to wait for a breakdown or breakout before making any moves. At the time of writing, Ethereum (ETH) was trading at $283.98. This indicates a 0.80% fall against the USD and a 1.88% fall against Bitcoin. The trading volume within a 24 hour period is $1,576,335,991 while the market capitalization is $28,899,233,516.
Ethereum’s has had a rough few months falling significantly from over $1,300 in January to $283 today. While the bearish market may have contributed to the fall in price, experts in the industry claim that the main reason for the fall is the number of initial coin offerings that were hosted on the Ethereum blockchain last year which have gotten a lot of development interest. The next few months will determine if the price action of Ethereum will change or not.