Ethereum, ETHUSD, CryptoCompare chart

ETHUSD Medium-term Trend: Bearish

Resistance: $750, $740, $730

Support: $680, $690, $700

Yesterday, March 8, the ETHUSD pair was trading above the resistance level of $750. It was assumed that the asset was poised to retest the resistance level of $775 but the price pulled back. From the weekly chart, Ethereum has a bearish outlook.

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 falling price bars indicating that the downtrend is ongoing. A bearish trend line is drawn showing the resistance levels where you can place your short trades. However, if price of Ethereum breaks the support level at $700, it will likely find support at $650.

ETHUSD Short-term trend: Bearish

Ethereum, ETHUSD, CryptoCompare chart

In the daily chart, price of Ethereum is in a downtrend. The price of the asset was ranging between the price of $760 and $750. Later at a price of $750, Ethereum commenced a bearish movement to the low of $710. However, if the downtrend continues, the support levels will be breached.

 

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