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

ETH/USD Medium-term Trend: Ranging

Resistance Levels: $470, $480, $490
Support Levels: $450, $440, $430

Last week the price of Ethereum was in a bearish trend. The cryptocurrency reached the eye of $502.91 and it commenced a downward fall to the low of $442.63. The cryptocurrency then had a bullish movement to the high of $457.01 and later went into a sideways movement. Today, the price of Ethereum is still in a sideways trend. Nevertheless, the MACD line and the signal line are neither above nor below the zero line which indicates a neutral signal.

In addition, the price of Ethereum is neither above nor below the 12-day EMA and the 26-day EMA which indicates that a sideways trend is ongoing. The relative strength index period 14 is level 45 which indicates that price is in the sideways trend zone. The cryptocurrency is likely to fluctuate within the range bound zone of $480 and $420.

ETH/USD Short-term Trend: Bullish

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