ETH/USD Medium-term Trend: Bearish
Resistance Levels: $430, $440, $450
Support Levels: $420, $410, $400
Yesterday, July 11, the price of Ethereum was in the bearish trend. The cryptocurrency fell from the high of $475.52 to the low of $434.92 and commenced a sideways movement. You can see the price bars of Ethereum in a horizontal pattern. Traders should avoid initiating any trade because of the choppy nature of the market.
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 take control of the market.
ETH/USD Short-term Trend: Ranging
On the 1-hour chart, the price of Ethereum is in a sideways trend. The MACD line and the signal line are neither below nor above the zero line which indicates a neutral signal. Also, the 12-day EMA and the 26-day EMA are neither above nor below the price of bars of Ethereum indicating that price is in the sideways trend zone.
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