Resistance Levels : $480, $490, $500
Support Levels: $460, $450, $400
Yesterday, July 2, price of Ethereum was in a sideways trend. The MACD indicated a bullish signal for the cryptoasset . Today, the price of Ethereum is in a bullish trend. The cryptoasset rose from the low of $449.18 to $474.72. A Fibonacci tool has been drawn in an anticipation of a possible bullish trend.
The principle behind the Fib. tool is that when price retraces from the recent high, it will find support at one of Fib. retracement levels where traders can initiate their long trades. Therefore, if the bullish trend progresses, traders should watch out for trading opportunities.
Meanwhile, 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 66 which indicates that price is in the bullish trend zone.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Ethereum is in a bullish trend. In the lower time frame, price of Ripple is retracing to one of this Fib. retracement levels. A long trade should be taken at the Fib. level and at the appearance of a bullish candlestick.
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