ETH/USD Long-term Trend: Bearish
• Resistance Levels: $240, $260, $280
• Support Levels: $220, $200, $180
On June 26, the ETH market reached its peak price of $340 price level. The bulls tested the $340 price level and were resisted. The market fell to the support of the 12-day EMA to commence a range bound move above the EMAs but below the $320 resistance level. The bulls were facing another resistance at the $320 price level after the overhead resistance.
On July 9, the bulls were resisted at the $320 price level and the ETH market commenced a downward correction. The bears broke the 12-day EMA and the 26-day EMA as the downtrend continues. The ETH price has fallen into the previous range bound zone of $220 and $280. The crypto may likely revisit the previous low of $220 price level.
A trend line has been drawn to determine the duration of the bearish trend. A bearish trend is ongoing if the trend line is unbroken. A bearish trend is said to be terminated if price breaks the trend line and another candlestick closes on the opposite of it. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Source: bitcoinexchangeguide.com
