Ethereum, ETHUSD, CryptoCompare chart

ETHUSD Medium-term Trend: Ranging

Resistance: $540, $530, $520

Support: $480, $490, $500            

Last week, Ethereum had been in a range bound movement most at times, trading at $518.46. But it had a bullish trend last Wednesday which made the price to soar up to $566.16. Last week the price fell to its previous low of $515 45 because the bulls could not break the resistance level of $600 to push the price further. Rather the bears took control and brought the price to its low.

Today, Ethereum is trading at $514.50 in a range bound movement. From the weekly chart, the price is oscillating between the resistance at $600 and the support at $450. This was the same scenario since last week Friday. The market is ranging in a horizontal pattern. Meanwhile, the RSI period 14 is level 54 which indicates that the price is in a range bound zone.

ETHUSD Short-term trend: Ranging

Ethereum, ETHUSD, CryptoCompare chart

In the daily chart, the price of Ethereum is in a range bound movement. The range bound market has choppy price action. Meanwhile, the RSI period 14 is level 39 which indicates that the market is nearing the oversold market condition

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.