ETHUSD Medium-term Trend: Ranging
Resistance: $600, $580, $560
Support: $480, $500, $520
From the weekly chart, Ethereum is in a downtrend with a bearish trend line showing the resistance levels of price. However, the price has broken the trend line and the candlestick opened and closed on the opposite side but the price is in a range bound movement. The implication is that the price will go far away from the trend line and traders have the opportunity to make more profits.
Ethereum is presently trading at $537.55. I am expecting the Ethereum to revisit the next critical level of price which is $600 or $700. However, the RSI period 14 is level 67 which indicates that price is in the bullish trend zone.
ETHUSD Short-term trend: Ranging
From the daily chart, Ethereum was in a range bound movement at $460 and later the price rose to $560 to resume its range bound movement. Meanwhile, the RSI period 14 is level 30 which indicates that the market is oversold suggesting bulls taking over the market.