ETH/USD Medium-term Trend: Bearish
Resistance: $ 650, $700, $750
Support: $550, $500, $450
Last week, the ETH/USD pair had price stability. The asset rose from the low of $543.47 to the high of $ 604.16. It was assumed that if the asset appreciated, it would reach the highs of $650 and $700, but would face resistance at $620. Meanwhile, the asset is currently trading at $531.51 as at the time of writing.Today, from the 4-hour chart, price of Ethereum has fallen to the low of $515.19. However, since $519.41 was the previous low of the asset, it is assumed that the asset would not depreciate further.
However, if the bulls held on to that level, traders can initiate long positions at that level and a stop loss at $450. Meanwhile, the relative strength index period 14 is level 30 indicates that the market is oversold suggesting bulls to take control of the market.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, price of Ethereum is in a bearish trend. The asset has fallen to the low of $504.40 and commenced a sideways trend. Price of the asset is also appreciating in a bullish trend.
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