ETH/USD Medium-term Trend: Bearish
Resistance Levels: $ 520, $540, $560
Support Levels: $480, $460, $440
Yesterday, June 12, price of Ethereum was in a sideways trend fluctuating above the price of $500. However, the moving averages are trending southward indicating that the bearish trend was not over. From the 4-hour chart, price of the asset has fallen below the $500 price level. However, if the bearish pressure continued the asset would fall to the low of $400.
Meanwhile, the MACD line and the signal line are below the zero line indicating a sell signal. In addition, the 12-day EMA and the 26-day EMA are above the price bars of the asset indicating that the bearish trend is ongoing. The exponential moving averages are trending southward. However, the relative strength index period 14 is level 29 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. On the lower time frame, the MACD line and the signal line are below the zero line indicating a sell signal for day traders. The bearish trend will continue as indicated by the exponential moving averages which are above the price bars of the asset.
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