ETH/USD Medium-term Trend: Bearish
Resistance Levels: $320, $330, $340
Support levels: $290, $280, $270
The price of Ethereum was in a bearish trend at the beginning of August 2018. The opening balance of the cryptocurrency was $431.86. The cryptocurrency was range bound between the levels of $480 and $440.The lower level of the range bound zone was broken during a bearish breakout. The ETH price fell to the low of $409.15 and commenced another range bound movement. The price of Ethereum is currently trading $312.75 but may likely fall to the low of $300 which is next support level.
Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, 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 37 which indicates that the market is oversold suggesting bulls to take control of the market.
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