Ethereum (ETH) Daily Price Forecast – July 16

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ETH/USD Medium-term Trend: Bullish

Resistance Levels: $460, $470, $480
Support Levels: $440, $430, $420

Last week, the price of Ethereum had been in a bearish and a sideways trends. The cryptocurrency fell from the high of $486.83 to the low of $434.92, thereafter it commenced a range bound movement. Today, the digital currency is in a bullish trend. Traders are to look out for buy setups in order to initiate long trades as the bullish trend  lasts.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price bars of Ethereum are above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing. The relative strength index period 14 is level 61 which indicates that price is in the bullish trend zone.

ETH/USD Short-term Trend: Bullish

On the 1-hour chart, the price of Ethereum has commenced a bullish trend. The MACD line and the signal line are above the zero line which indicates a buy signal. Price of Ethereum is rising because the price bars of Ethereum are above the 26-day EMA and 12-day EMA. The price Ethereum is making an attempt to reach the high of $$490.58

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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