ETHUSD Medium-term Trend: Bullish
Resistance: $435, $430,
$425
Support: $405, $410, $415
The ETHUSD pair had a bearish outlook
yesterday. The MACD line and the signal line were below the zero line. From the
price action, Ethereum had a bearish view but it commenced a range bound
movement. Today, price of Ethereum is in a bullish trend, trading at $417.92,
as at the time of writing. From the weekly chart, price bars of Ethereum
is above the 12-day EMA and 26-day moving averages indicating that the bullish
trend is in force.
The MACD line and the signal line
are above the zero line and a positive histogram showing us that a bullish
trend has begun. Price of Ethereum will encounter its first resistance at $420.
If the bulls overcome the initial hurdle at $420, I expect price to reach its previous
level at $440.
ETHUSD Short-term trend:Bullish
In the daily chart, we find the
bullish trend in its expanded view. You will find the bullish trend line
showing support levels where traders can place their long trades. Traders are
to look for buy setups along the trend line. They can exit their positions as
soon as price breaks the trend line and the candlestick close on the
opposite of the trend line.
On the other hand, you can exit
your trade as soon as the MACD lines are below the zero line.
The views and
opinions expressed here do not reflect that of CryptoGlobe.com and do not
constitute financial advice. Always do your own research.
Source: https://www.cryptoglobe.com/markets/price-analysis/
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