ETH/USD Medium-term Trend: Ranging
Resistance Levels: $260, $280, $300
Support Levels: $200, $180, $160
Yesterday, October 3, the price of Ethereum was in a bearish trend. The ETH price fell from the high of $230.11 to the low of $ 217.32 and commenced a bullish movement. The $200 price level is the major support level of Ethereum, therefore traders should initiate long trades at this level in anticipation of a bullish trend.
The ETH price is expected to reach and break the resistance at $240. The price of Ethereum is trading at $225.57 as at the time of writing. 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 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 50 which indicates that price is in the sideways trend zone.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Ethereum is in a bullish trend. The price of Ethereum is above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. The MACD line and the signal line are above the zero line which indicates an a buy signal.