ETH/USD Medium-term Trend: Bearish
Resistance Levels: $440, $450, $460
Support Levels: $420, $410, $400
Yesterday, August 1, the price of Ethereum was in a bearish trend. The ETH price fell to the low of $409.15. This was the previous low of June 29, 2018. The bulls are in control of price and price is rising. Traders should initiate long trades at the current market price in anticipation of a bullish trend.
From the chart, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of ETH is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The Relative Strength Index period 14 is level 35 which indicates that market is oversold suggesting bulls to take control of the market.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the ETH price is in a bullish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. The price of Ethereum is neither above nor below the 26-day EMA and the 12-day EMA which indicates that a sideways trend is ongoing.
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