Ethereum (ETH) Gas Circulating Supply Tops 100M Tokens, New Price Expectations?

ETH/USD Medium-term Trend: Bullish

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

Yesterday, July 5, price of Ethereum was in a bullish trend. The trend line that was attached was to enable us continue trading the support levels in a bullish market. That hope may have been dashed because price has broken the bullish trend line.

In a bullish market, if price breaks the bullish trend line and the candlestick closed on the opposite of it, the current trend is likely to reverse. 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 47 which indicates that price is in the sideways trend zone.

ETH/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Ethereum is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Ethereum which indicates that the bearish trend is ongoing.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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