ETH/USD Medium-term Trend: Ranging
• Resistance Levels: $280, $300, $280
• Support Levels: $200, $180, $160
Yesterday, July 23, the price of Ethereum was in a range bound move below the 12-day EMA and the 26-day EMA. On July 16, after the downward trend correction at the $200 price level, the bulls made an upward move to break above the EMAs. The bulls are facing resistance at the 12-day EMA.
On the upside, if the bulls break above the EMAs, the crypto’s price will resume its bullish trend to retest the $320 and $340 resistance level. On the other hand, if the bulls fail to break the EMAs, the ETH price will continue to range below the EMAs. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Ethereum is in a bullish trend. The 12-day EMA and the 26-day EMA are pointing northward. On July 24, the bulls made an upward move to break above the EMAs. The crypto’s price is facing resistance at the $225 price level as the price retraces to the support of the 12-day EMA. The MACD line and the signal line are above the zero line which indicates a buy signal.
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Source: www.bitcoinexchangeguide.com