ETHUSD Medium-term Trend: Ranging
Resistance: $410, $405, $400
Support: $380, $385, $390
Yesterday, price of Ethereum was in a range bound movement and today the ranging market continues. The market is ranging between the resistance at $400 and the support at $350. It is currently trading at $378.89 as at the time of writing. Traders may not be able to trade in a ranging market because the direction of the market is not discernible. In a ranging market there is the possibility of a breakout at any time. Price of Ethereum may revisit the previous level at $450.
Meanwhile, the RSI period 14 is level 46 which indicates that price is in the range bound movement. The 50-day moving average and 20-day moving average are trending horizontally.
ETHUSD Short-term trend: Ranging
In the daily chart, ETHUSD pair is in a range bound movement fluctuating between the resistance at $395 and the support at $380. The price action of Ethereum in the daily chart is very choppy. This means that price is not evenly apart between the resistance and the support. In this situation traders may not be able to trade or make any profit out of their trading. Meanwhile, the RSI period 14 is level 44 which indicates that price is in the range bound zone.
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