ETH/USD Medium-term Trend: Ranging
Resistance Levels: $275, $276, $277
Support Levels: $270, $269, $268
Yesterday, August 20, price of Ethereum was in a bearish trend. Price of the cryptocurrency fell to the low of $283.72. Today, the price of Ethereum depreciated to the low of $274.25. However, if the bearish trend continues, the price of Ethereum is likely to revisit the previous low of August 14, 2018.
Meanwhile, the price of Ethereum is trying to make a bullish movement to the resistance level. 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 ETH is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend. The Relative Strength Index period 14 is level 35 which indicates that the market is oversold suggesting bulls to take control of the market.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the ETH price is in a bearish trend. The cryptocurrency has fallen to the low of $270.09. Later, the BTC price is making a bullish movement to the previous highs. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The price of Ethereum is below the 26-day EMA and the 12-day EMA which indicates that a bearish trend is ongoing.
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