ETH/USD Medium-term Trend: Bearish
Resistance Levels: $430, $440, $450
Support Levels: $420, $410, $400
Yesterday, July 10, the price of Ethereum was in a bearish trend. We have seen that the bullish trend could not progress because price broke the bullish trend line. Today, Ethereum price is in a downward trend. The cryptocurrency is likely to continue its fall to the previous low of $408.64. If the support level at $408.64 holds, traders should initiate long positions. If that level fails to hold traders should wait until the price stabilizes at the low of $362.63.
Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the 12-day EMA and the 26-day EMA are above the price bars of Ethereum which indicates that the bearish trend is ongoing. The relative strength index period 14 is level 31 which indicates that the market is oversold suggesting bulls to control of the market.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Ethereum is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price of bars of Ethereum indicating that the bearish trend is ongoing.
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