ETHUSD Medium-term Trend: Bullish
Resistance: $960, $950, $940
Support: $900, $920, $930
Yesterday, ETHUSD is in a bullish market trading at $866.58. To trade a market you first identify the market..In an uptrend when a trend line is drawn across the price bars from the lower left corner of the chart to the upper right corner of the chart. The line will overlap the price bars several times indicating a real trend.Today, ETHUSD is still in a bullish market trading at $930.89 which is about 7.4% price increase.
As Ethereum is in a bullish market the chances is that the price will rise as long as the market is bullish. Traders can profit in the uptrend movement. First they should have the ability to recognize the various types of the markets. Secondly, in an uptrend the market will always retrace back to the previous swing point and then bounce higher to resume the uptrend.
These are swing points to lookout for to place your long trade. However, the RSI period 14 is level 18 indicating that the market is oversold. The RSI indicator is in divergence with price trend. This is a signal that there will be price reversal.
ETHUSD Short-term trend: Bearish
The short term trend is bearish. The 50-day moving average and 20-day moving average are trending southward. The RSI period 14 is level below 30 indicating the market is oversold.