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

ETH/USD Medium-term Trend: Bullish

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

Last week, price of Ethereum was also in a bullish trend. Price of the cryptocurrency was trading above the $400 price level. That is, it traded from the low of $ 446.56 to the high of $490.58. The cryptocurrency is retracing from the recent high to the trend line. The assumption is that if price retraces from the recent high and tests the trend line, price will resume its bullish movement.

Traders should initiate long trades if price tests the trend line and the bearish candlestick closes without breaking it. 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 58 which indicates that price is in the sideways trend zone.

ETH/USD Short-term Trend: Bullish

On the 1-hour chart, price of Ethereum is in a bullish trend. The MACD line and the signal line are also above the zero line which indicates a buy signal.

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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