ETHUSD Medium-term Trend: Ranging
Resistance: $715, $710, $705
Support: $685, $690, $695
Yesterday, May 16, the ETHUSD pair was in a bearish outlook. The asset price fell below the $700 price level and it was approaching the $671 one. It was assumed that, if the downtrend continued, the asset would find support at $650. The MACD line and the signal line were below the zero line, indicating a sell signal. The Ethereum price bars were below the 12-day and 26-day EMA, indicating that the bearish trend is ongoing.
Today, Ethereum price is trading at $698.33 at the time of writing. The weekly chart shows that the asset price is now trading above the $700 price level. However, the MACD line and the signal are above the zero line, indicating a buy signal. The MACD histogram is positive when the MACD line is above the signal line, indicating that Ethereum is rising.
The direction of the price is not stable to be able to predict its movement. It is trading above and below the $700 price level and it is not confined to any range bound zone.
ETHUSD Short-term trend: Bearish
The daily chart shows the Ethereum price is in a bearish market. The asset rose at $685 to the $705 level and it fell to $685. Thereafter, the price made a bullish movement to $715 and started a range bound movement. In the daily chart, the MACD line and the signal line are below the zero line, indicating a sell signal.
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