ETH/USD Medium-term Trend: Bullish
Resistance Levels: $240, $260, $280
Support Levels: $200, $180, $160
Last week the price of Ethereum was in a bullish trend. The price fell to the low of $175.69 and commenced a bullish movement. The digital currency is making a series of higher highs and higher lows. After each retracement, the ETH price resumes its bullish movement. Price is now in the previous price range and approaching the upper level of price . A bullish trend line is drawn, traders can initiate long trades if price tests and bounces back on the trend line.
The cryptocurrency is expected to rise again but will face resistance at the $ 280 price 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 the bullish trend is ongoing. The Relative Strength Index period 14 is level 60 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 is in a bullish trend.Price of Ethereum is rising because the 12-day EMA and the 26-day EMA are below the price of the cryptocurrency. The MACD line and the signal line are above the zero line which indicates a buy signal.
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