Ethereum, ETHUSD, CryptoCompare chart

ETHUSD Medium-term Trend: Bullish

Resistance: $790, $780, $770

Support: $730, $740, $750

Yesterday, the ETHUSD pair was in a downtrend. The MACD line and the signal line were below the zero line indicating a sell signal. Whereas the 12-day EMA and 26-day EMA are above the falling price bars indicating that the downtrend is ongoing. It was assumed that if the downtrend continues, it may break the support level at $700 which may result in pricing falling to the low of $650.

Today, price of Ethereum is currently trading at $755.20 as at the time of writing. Looking at the weekly chart, Ethereum has a bullish outlook because price has broken the bearish trend line. Another reason is that the MACD line and the signal line are above the zero line indicating a buy signal. In a bullish trend, the histogram will turn from negative to positive.

Ethereum will likely retest the high of $792 on May 6, which made price to fall to the low of $700. Even the high of $771 on May 7, which made price to fall into a range, bound movement.

ETHUSD Short-term trend: Bullish

Ethereum, ETHUSD, CryptoCompare chart

In the daily chart, price of Ethereum is in a bullish trend. At a price of $ 720 to $760, Ethereum is making a series of higher highs and higher lows. Whereas the MACD line and the signal line are below the zero line indicating that Ethereum is still bearish which is against the price action.

 

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