Ethereum, ETHUSD, CryptoCompare chart

ETHUSD Medium-term Trend: Bearish

Resistance: $470, $460, $450

Support: $410, $420, $430

Price of Ethereum is in a smooth downtrend trading at $446.40. From the weekly chart, a bearish trend line is drawn and it is over lapping the price bars. The 50-day moving average and 20-day moving average are trending southward confirming the downtrend. Now in a downtrend your focus should be looking for the resistance levels where you can short.

We are not concerned about buy setups because we are not trading against the trend. Remember a stop loss of at least 100 pips should be in place. However, if price breaks the trend line and the candlestick closed on the opposite of it then you should exit all your short trades. Meanwhile, the RSI period 14 is level 35 which indicates that the market is oversold suggesting bulls taking control of the market.

ETHUSD Short-term trend: Ranging

Ethereum, ETHUSD, CryptoCompare chart

The ETHUSD pair is in a range bound movement in the daily chart. Price is ranging from the resistance at $470 and the support at $440. Meanwhile, the RSI period 14 is level 58 which indicates that price is in the range bound zone.

 

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