ETH/USD Medium-term Trend: Bearish
Resistance Levels: $380, $390, $400
Support Levels: $350, $340, $330
Yesterday, August 7th, the price of Ethereum was in a sideways trend. The sideways trend came after the bearish pressure had broken the support level at $440. The ETH price is now out of the range-bound zone. Today, the bears have taken over from the bulls in the sideways trend and have brought price to the low of $376.69.
The price of $376.69 was the previous support level of April 5th, 2018. We will not recommend any long trades until the decline is over. Meanwhile, 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 23 which indicates that the market is oversold suggesting bulls to take control of the market.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Ethereum is in a bearish 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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