Tetras Capital Publishes a Bearish Thesis on Ethereum and Supports Bitcoin Instead

ETH/USD Medium-term Trend: Bullish

Resistance Levels: $520, $530, $540
Support Levels: $500, $490, $480

Yesterday, July 18th, the price of Ethereum was in a bullish trend. Yesterday, the cryptocurrency reached the high of $506 but price made a pullback to the low of $471.50. The cryptocurrency lost about 6% in yesterday's pullback. The Ethereum price has fallen back to the range bound zone of $480 and $420.

The relative strength index period 14 is level 53  which indicates that price is in the sideways trend zone. The cryptocurrency is likely to fluctuate within the range bound zone. Nevertheless, the MACD line and the signal line are above the zero line which indicate a buy signal. In addition, the price of Ethereum is above the 12-day EMA and the 26-day EMA which indicates the bullish trend is ongoing.

ETH/USD Short-term Trend: Bearish

On the 1-hour chart, price Ethereum is in a bearish trend. The MACD line and the signal line are below the zero line which indicate a sell signal. The 26-day EMA and 12-day EMA are above the price of Ethereum which indicates that the bearish trend is ongoing.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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