ETH/USD Medium-term Trend: Bearish
Resistance Levels: $440, $450, $460
Support Levels: $420, $410, $400
Yesterday, August 2nd, the ETH price was in a bearish trend. The cryptocurrency is still on the downward trend. The Ethereum price is now out of the range-bound zone after the price fell to the low of $401.38.This was the previous support level of Ethereum. Traders can initiate long trades and a stop loss at $350.
Nevertheless, 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 32 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 smooth bearish trend. The ETH price is making a lower highs and lower lows price movement. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, 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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