Ethereum (ETH) Daily Price Forecast – August 9

ETH/USD Medium-term Trend: Bearish

Resistance Levels: $380, $390, $400
Support Levels: $350, $340, $330

Yesterday, August 8th, the price of Ethereum was in a bearish trend. The ETH price breaks out of the range-bound zone and it fell to the low of $ 354.54 as at yesterday. Now the bulls and the bears move in a sideways trend and neither of them have control over price. If the ETH price falls again, it will fall to the lows of  either $326.42 and $283. Traders are to look out for buy setups in anticipation of a bullish trend.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. The Relative Strength Index period 14 is level 21 which indicates that the market is -oversold suggesting bulls to take control of the market.

ETH/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Ethereum is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. Price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that price is falling.

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Source: www.bitcoinexchangeguide.com