ETHUSD long-term Trend: Sideways
Resistance: $1,100, $1,000, $900
Support: $500, $600, $700
ETHUSD pair price has been falling since February 1, and last week as a result of its bearish move. Its price of $1,085 fell to $829.32 as at today which is about 23.5% fall in price. Last week, the market fell to the low of $550 and commence an upwards movement.
This week the pair will have a sideways movement just like the other crypto currencies. The 50-day moving average and 20-day moving average are trending sideways whereas the RSI period 14 is level 57 indicating that the price had an average gains over average losses suggesting that bears will soon take control.
ETHUSD Medium-term trend: Sideways
The medium term trend gives an example of a sideways market. I have drawn three trend lines to mark support and resistance level of the chart. In a sideways market you can initiate a trade when price get the key levels. When price gets to the resistance level of $860 you take a short position; similarly, when price gets to the support level of $780 or $800 you take a long position.
However, for long position your take profit will be near the resistance level and for short position your take profit will be near the support level.