ETH/USD Medium-term Trend: Bullish
Resistance Levels: $520, $530, $540
Support Levels: $500, $490, $480
Yesterday, July 17th, the price of Ethereum was in a bullish trend. On July 10th, the price of Ethereum fell to the low of $434.92 and it had been in a sideways trend fluctuating between the levels of $480 and $420. From the daily chart, the price bars of Ethereum can be seen. Today, we have a bullish trend and the resistance level at $480 has been broken. Price is expected to rise therefore traders are to look out for buy setups and initiate long trades.
Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of Ethereum is above the 12-day EMA and the 26-day EMA which indicate the bullish trend is ongoing. The relative strength index period 14 is level 78 which indicates that the market is overbought suggesting bulls to take control of the market.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, price of Ethereum is in a bullish trend. The MACD line and the signal line are above the zero line which indicate a buy signal. Price of Ethereum is rising because the price of Ethereum is above the 26-day EMA and 12-day EMA which indicate that the bullish trend is ongoing.
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