cryptocurrency-event-2018

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.

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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