ETH/USD Medium-term Trend: Bullish
Resistance Levels: $480, $490, $500
Support Levels: $450, $440, $430
Yesterday, July 23rd, price of Ethereum was in a sideways trend. Yesterday, the cryptocurrency had a bearish movement to the low of $447.64 . Today, the price of Ethereum is making a bullish movement to the previous high of the market. Nevertheless, the MACD line and the signal line are neither above nor below the zero line which indicates a neutral signal.
In addition, the price of Ethereum is above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. The relative strength index period 14 is level 54 which indicates that price is in the sideways trend zone. The cryptocurrency is likely to fluctuate within the range bound zone of $480 and $420. If the price falls to the low of $420 traders should initiate long trades. Also. if it ranges and reaches the high of $480 traders should take short trades.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, price Ethereum is in a bullish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. The price of Ethereum is above the 26-day EMA and 12-day EMA which indicates that the bullish trend is ongoing.
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