ETH/USD Medium-term Trend: Bullish
Resistance Levels : $470, $480, $490
Support Levels: $450, $440, $430
Yesterday, July 3, price of Ethereum was in a bullish trend. With respect to the bullish trend, a Fibonacci tool was attached to the chart to determine the support levels of Ethereum price. Fortunately, at the 38.2 Fib. retracement level a bearish candlestick has closed and a bullish candlestick opened. We can initiate a long trade at that level. This is because it fulfills the principle of the Fibonacci tool.
Then a stop loss should be placed below the 38.2 Fibonacci level. Nevertheless, 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 49 which indicates that price is in the bullish trend zone.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Ethereum is in a bearish trend. In the lower time frame, the MACD line and the signal line are below the zero line which indicates a sell signal. In the lower time frame, the RSI period 14 is level 43 which indicates that price is in the sideways trend zone.
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