ETH/USD Medium-term Trend: Ranging
Resistance Levels: $370, $380, $390
Support Levels: $350, $340, $330
Yesterday, August 9th, the price of Ethereum was in a sideways trend. The bearish trend had taken price to the low of $354.54. It was assumed that if the bearish trend continued price would fall to the lows of $326.42 and $283. Today,the cryptocurrency is in a sideways trend, there is no significant price movement.
The bears might have exhausted their bearish pressure; it is now incumbent for traders to look out for buy setups to initiate long trades in anticipation of a bullish trend. 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 32 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. The MACD line and the signal line are below the zero line which indicates a sell signal. Price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that price is falling.
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