ETH/USD Medium-term Trend: Bearish
Resistance Levels : $420, $425, $430
Support Levels: $410, $405, $400
Yesterday, June 28, price of Ethereum was in a bearish trend. Today, the downward trend is ongoing. Price of Ethereum is approaching the low of $425.51. If price breaks the level at $425.51, the cryptoasset will find support at $381.17. If the support level is not broken, the cryptoasset will continue its range bound movement.
Presently, Ethereum fluctuates between the resistance level at $465.97 and the support level at $425.51. We can trade the ranging market with a range bound market strategy. That is if price tests the support level, you take a long trade and place your stop loss below the support level. Then you exit your trade near the resistance zone.
On the other hand, if price tests the resistance level, you take a short trade, and you place a stop loss above the resistance level. Then you exit your trade near the support zone.The MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the 12-day EMA and the 26-day EMA are above the price of Ethereum which indicates that the bearish trend is ongoing.
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. In addition, the 12-day EMA and the 26-day EMA are above the price of Ethereum which indicates that the bearish trend is ongoing. The relative strength index period 14 is level 35 which indicates that the market is nearing the oversold condition suggesting bulls to take control of the market.
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