ETHUSD Medium-term Trend: Bullish
Resistance: $850, $800, $850
Support: $650, $700, $750
The daily time frame indicated that the market was in a downtrend yesterday. Ethereum fell to a low of$582.22 but today it is still trading at $779.04. Ethereum has appreciated by 33.8%; this was as a result of the appreciation of other cryptocurrencies. Recently, positive fundamental news from Japan and Singapore whereby trading is to be supported and regulated. This welcome development may reverse the downtrend if other countries follow suit.
Presently, the 50-day moving average and 20-day moving average are trending northward whereas the RSI period 14 is 78, that is the market is overbought. Now that price has appreciated traders should take advantage of the buy setup to place long orders.
ETHUSD Short-term trend: Bullish
Yesterday, the short term trend was bearish and that made the price to go beyond the support levels. However, today the short term trend is bullish and the price has appreciated along with other cryptocurrencies. The 50-day moving average and 20-day moving average are also trending northward whereas the RSI period 14 is 44. If the price appreciates further the resistance levels may be bridged.