ETH/USD Medium-term Trend: Bullish
Resistance Levels: $460, $470, $480
Support Levels: $430, $420, $410
Yesterday, July 9, price of Ethereum was in a bullish trend. The Ethereum price reached the high of $490.58 and began to retrace to the trend line. The assumption was that if price retraced from the recent high and tested the trend line without breaking it, price will resume its bullish movement. But price tested and broke the trend line indicating that the bullish trend has reversed. However, all long trades should be suspended.
Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price bars of Ethereum are above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing. The relative strength index period 14 is level 34 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 Ethereum price retraced from the high of $490.58 to the low of $450. The MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price of bars of Ethereum indicating that the bearish trend is ongoing.
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