Posted In: Forex Trading Posted On: 2018/04/11 14:00 PM Posted By: ituglobal
Resistance: $435, $430, $425
Support: $405, $410, $415
The ETHUSD pair had a bearish outlook yesterday. The MACD line and the signal line were below the zero line. From the price action, Ethereum had a bearish view but it commenced a range bound movement. Today, price of Ethereum is in a bullish trend, trading at $417.92, as at the time of writing. From the weekly chart, price bars of Ethereum is above the 12-day EMA and 26-day moving averages indicating that the bullish trend is in force.
The MACD line and the signal line are above the zero line and a positive histogram showing us that a bullish trend has begun. Price of Ethereum will encounter its first resistance at $420. If the bulls overcome the initial hurdle at $420, I expect price to reach its previous level at $440.
In the daily chart, we find the bullish trend in its expanded view. You will find the bullish trend line showing support levels where traders can place their long trades. Traders are to look for buy setups along the trend line. They can exit their positions as soon as price breaks the trend line and the candlestick close on the opposite of the trend line.
On the other hand, you can exit your trade as soon as the MACD lines are below the zero line.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.