ETH/USD Medium-term Trend: Ranging
Resistance Levels: $490, $500, $510
Support Levels: $470, $460, $450
Yesterday, July 25th, price of Ethereum was range bound between the levels of $480 and $ 440. The bulls took price to the high of $483.43 but were resisted by the bears . Presently, price of Ethereum is falling. Since Ethereum price was range bound, traders ought to have taken short trades at the resistance level because the digital asset is bound to fluctuate within the range-bound levels. The short trade should be accompanied with a stop loss above the resistance level.
Then you exit the short trade near the support zone. At the support level, you place a long trade and a stop loss below the support level. You exit and take your partial profits at the resistance level. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy 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 56 which indicates that price is in the sideways trend zone.
ETH/USD Short-term Trend: Ranging
On the 1-hour chart, price Ethereum is in a sideways trend. The MACD line and the signal line are at par with the zero line which indicates a neutral signal. The price of Ethereum is neither above nor below the 26-day EMA and the 12-day EMA which indicates that a sideways trend is ongoing.
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