ETH/USD Medium-term Trend: Ranging

Resistance Levels: $430, $440, $450
Support levels: $400, $390, $380

The Ethereum price had been in a sideways trend since the beginning of July 2018. The cryptocurrency was range bound between the levels of $480 and $440. The ETH price was $451.59 at the beginning of the month of July. The price fluctuations made the cryptocurrency to fall to the low of $416.64. During the period under review, the price fluctuated and reached the high of $499.75. Later it continued its fluctuations until price found another low of $416.64.

Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, price bars of Ethereum are below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. The relative strength index period 14 is level 38 which indicates that the market is oversold suggesting bulls to take control of the market.

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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