ETHUSD Medium-term Trend: Bearish
Resistance: $730, $720, $710
Support: $670, $680, $690
Last week, the price of Ethereum was trading above the price of $700 as the price fluctuated between the support level at $700 and resistance level at $750. With a price of $755.20, Ethereum traded to the low of $711.97 on Friday last week. However, the price of Ethereum is currently trading at $702.48 at the time of writing. Nevertheless, the price of Ethereum is in a bullish market as per the indicators.
We have the MACD line and the signal line which are above the zero line indicating a buy signal. In a bullish market, a negative histogram turns to a positive histogram. Lastly, the price bars of Ethereum are above the 12-day EMA and 26-day EMA indicating that the bullish trend is ongoing. Nevertheless, from the price action, the overall trend looks bearish.
The price is falling from the highs of $830, $767 and $735 as per the bearish trend line. However, if the price breaks the support level at $700, Ethereum will find support at $672
ETHUSD Short-term trend: Ranging
On the daily chart, the price of Ethereum is in a ranging market. At a price of $680, the asset made a bullish movement to the high of $740 and commenced a range bound movement between the levels of $740 and $720.
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