ETH/USD Long-term Trend: Ranging
• Resistance Levels: $300, $320, $340
• Support Levels: $280, $260, $240
The ETH/USD pair is now in a bullish trend. In the last one month, the price of Ethereum had been trading between the levels of $220 and $280. The bulls had made several attempts to break out this range but to no avail. On June 21, the bulls broke the $280 upper price range and reached the previous high of $315 price level.
The 12-day EMA and the 26-day EMA are trending northward indicating an uptrend. A trend line has been drawn to determine the duration of the bullish trend. If a bullish trend is ongoing, the candlestick will test the trend line and make an upward move to the previous highs or new highs.
eETH/USD pair is still in a bullish trend. However, if price breaks the trend line and another candlestick closes on the opposite of it; the bullish trend is said to be terminated. The ETH price is expected to reach a high of $340 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Source: bitcoinexchangeguide.com
