ETHUSD Medium-term Trend: Bullish
Resistance: $725, $720, $715
Support: $685, $690, $695
Last week, Ethereum was in a bearish trend. The asset traded and fell from a high of $723.67 to $678.03. I was of the opinion that if the downtrend continued and the price broke the support level at $650, Ethereum would fall to a low of $600. Its MACD and signal line were below the zero mark, indicating that Ethereum had a sell signal last week. Meanwhile, the asset is trading at $710.01 at press time.
From the weekly chart, Ethereum has risen from last Friday's $672 to $713.39. The MACD and the signal line are above the zero mark, indicating a buy signal. The price of Ethereum is above the 12-day EMA and 26-day EMA, indicating that the bullish trend is ongoing.
However, if the price overcomes the resistance at $720, it will reach new highs at $760 and $800. if it holds on to the $720 level, it may move in a range bound movement.
ETHUSD Short-term trend: Bullish
On the daily chart, Ethereum’s price is rising, but found resistance at $720. For the asset to continue its bullish movement, it must overcome it. Meanwhile, the MACD and the signal line are above the zero mark indicating a buy signal.
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