ETH/USD Long-term Trend: Ranging

Supply Zone: $330, $340, $350
Demand Zone: $300. $290, $280

The price of Ethereum had been bearish in the month of August. The cryptocurrency traded at the beginning of August with a price of $431.86. The ETH price fell to the low of $258.71 which is about 40% price decrease in the month of August. The bulls are in control of price. Meanwhile, the ETH price is currently trading at a price of $315.38 as at the time of writing.

Nevertheless, the MACD line and the signal line are at par with the zero line which indicates a neutral signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicate that the bearish pressure is ongoing. The Relative Strength Index period 14 is level 36 which indicates that the market is oversold suggesting bulls to take control of price.

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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