ETHUSD Medium-term Trend: Bearish

Resistance: $ 600, $650, $700
Support: $550, $500, $450

On May 6, the ETHUSD pair had been on a downward trend as per the weekly chart. The asset fell from the high of $833.14 to the low of $538.37, on May 20, 2018. Today the asset is currently trading at $574.73 as at the time of writing.

Nevertheless, Ethereum is in a bullish market. The bulls had been able to sustain the price above $500. If the bulls hold on to that price level, Ethereum will reach the high of $720. However, if the bulls lose possession price will fall to the low of $357.

ETHUSD Short-term Trend: Ranging


On the daily chart, price of the asset is in a range bound movement. Price fell from the high of $834.41 to the low of $357.45 to commence a range bound movement. From the chart, the asset is fluctuating from the resistance level at $834.41 to the low of $357.45. In a range-bound movement, the resistance level and the support level are critical levels to trade upon. However, if the asset gets to the support level, traders should initiate a long trade and a stop loss below the support level. If the asset ranges to the resistance level at $834.41, a short trade should be initiated and a stop loss above the resistance level. Meanwhile, the relative strength index period 14 is level 41 indicates that price is in the range bound zone.

 

The views and opinions expressed here do not reflect that of BitcoinExhangeGuide.com and do not constitute financial advice. Always do your own research.

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