ETH/USD Medium-term Trend: Bearish
Resistance Levels: $440, $450, $460
Support Levels: $420, $410, $400
Yesterday, July 31, the price of Ethereum was in a downward trend. The ETH price was falling at the time of a bearish trend and price broke the support level of the range bound zone. The price of Ethereum is now trading at $431,32 as at the time of writing. The bearish trend is now in a sideways trend and traders should exit their short trades and take partial profits.
Meanwhile, 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 30 which indicates that market is oversold suggesting bulls to take control of the market.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the ETH price is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. The price of Ethereum is below the 26-day EMA and the 12-day EMA which indicates that a bearish trend is ongoing.
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