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

ETH/USD Medium-term Trend: Bullish

Resistance Levels: $490, $500, $510
Support Levels: $470, $460, $450

Yesterday, July 24th, price of Ethereum was in a bullish trend. The cryptocurrency had a bearish movement to the low of $447.64 the previous day. If traders had initiated a long trade at the previous low of Ethereum, they would have made partial profits as the digital asset is in a bullish trend. Today, the bulls has made a bullish movement to the high of the $480.13 as at the time of my writing.

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 above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. The Relative Strength Index period 14 is level 62 which indicates that price is in the bullish trend zone.

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 12-day EMA which indicates 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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