ETH/USD Medium-term Trend: Bearish
Resistance Levels: $240, $260, $280
Support Levels: $180, $160, $140
Last week the ETH price was in a bearish trend. On September 5, there was a bearish price spike that led price to fall to the low of $211.11. Thereafter, price commenced a range bound movement and fell again to the low of $184.92. Price has broken the major support level of the price of Ethereum which is the $200 price level.
Traders are to initiate long trades at the current price in anticipation of a bullish trend. The price of Ethereum is expected to rise.Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. The Relative Strength Index period 14 is level 28 which indicates that the market is oversold suggesting bulls to take control of the market.
ETH/USD Short-term Trend: Ranging
On the 1-hour chart, the price of Ethereum is in a sideways trend. Price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that price is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal.
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