ETHUSD Medium-term Trend: Bearish
Resistance: $570, $565, $560
Support: $540, $545, $550
Last week, the price of Ethereum had a bearish outlook on some days of the week. The price fell from the high of $720 to the low of $596.10. The MACD line and the signal line indicated a sell signal on some days of the week. However, the bearish pressure of the asset is ongoing. The price of Ethereum is currently trading at $553.99 as at the time of writing.
From the weekly chart, the price of Ethereum fell again from the high of $596 to the low of $550. The price of the asset is likely to fall to the lows of $500 and $400 because the asset may face resistance at those levels. Meanwhile, the MACD line and the signal line are below the zero line indicating a sell signal.The 12-day EMA and 26-day EMA are above the price of Ethereum indicating that the bearish pressure is ongoing.
ETHUSD Short-term trend: Bearish
On the daily chart, the price of Ethereum has a bearish outlook. The MACD line and the signal line indicate a serious sell signal. Since the bearish pressure is ongoing all long positions would be suspended.
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