• Since May 16, the price of Ethereum was trading between the levels of $240 and $280 price levels.
• Nevertheless, if the crypto continues its range-bound movement, the price of Ethereum is likely to face a bullish breakout or a bearish breakout.

ETH/USD Long-term Trend: Ranging

• Resistance Levels: $280, $300, $320
• Support Levels: $240, $220, $200

The ETH/USD pair is trading in a range-bound zone. Since May 16, the price of Ethereum was trading between the levels of $240 and $280 price level. The bulls have tested the $280 upper price range once but had been trading at the lower price range. The ETH price now fluctuates at the lower price range.

The crypto’s price has tested the lower price range on more than five occasions but the bulls pulled back price into the range bound zone. However, the appearance of small body candlesticks described the indecision between the buyers and sellers at the current market price. Nevertheless, if the crypto continues its range-bound movement, the price of Ethereum is likely to face a bullish breakout or a bearish breakout. A range-bound trader can trade the ranging markets.

A trader should initiate a long trade at the support level of price and exit such trade near the resistance zone. Also, he can initiate a short trade at the resistance level and exit such trade near the support level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.

Ethereum’s price is $3,379.82 ETH/USD exchange rate today. The real-time ETH market cap of $391.81 Billion currently ranks #2 with , daily trading volume of $22.82 Billion and live coin value change of ETH 5.06 in the last 24 hours.

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The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.