ETHUSD Medium-term Trend: Bullish
Resistance: $435, $430, $425
Support: $405, $410, $415
Yesterday, the Ethereum price was in a bullish trend. The forecast was that if the bulls overcame the initial hurdle at $420, the price would reach its previous high of $440.Today, Ethereum is still bullish but the price fell from the high of $437 to $422.05. The bulls are in control of the market, pushing price forward to the previous level. From the weekly chart, the MACD line and the signal line are above the zero line, indicating that Ethereum price is still bullish.
Also, the price of the asset is above the 12-day and 26-day EMA, which points to our bullish view. Yesterday, the price reached the high of $437 and fell, only to resume the upward movement. The corrected price will revisit the high of $440 and if that level is broken then the price will reach another high of $500.
ETHUSD Short-term trend: Bullish
In the daily chart, Ethereum price has a bearish outlook. Firstly, the price has broken the bullish trend line. Secondly, the MACD line and the signal line are below the zero line. Thirdly, the 12-day and 26-day EMA are above the price bars. These pointers that all opened long trades should be closed.
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