Posted In: Forex Trading Posted On: 2019/07/01 00:09 AM Posted By: ituglobal
Long-term Trend: Bullish
· Resistance Levels: $320, $340, $360
· Support Levels: $300, $280, $260
The ETH/USD pair is now in a bullish trend. In retrospect, the price of Ethereum had been in a sideways trend trading between the levels of $220 and $280 for a month. On June 21, the bulls broke the $280 overhead resistance and reached the high of $315. From the chart, on June 26, the bulls tested the $360 price level and were resisted.
The ETH market was on a downward correction to the support of the 12-day EMA. The 12-day EMA support level was holding as the bulls make an upward move to the previous highs. The ETH price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.
On the other hand, if the bears break below the EMAs, the crypto’s price will fall to the low of $240 price level. On June 1, the ETH price has an opening balance of $267 and closing balance of $308 as at June 28. The price of Ethereum appreciated by 15% of its capilisazation in the month of June 2019. From the Fibonacci tool, the ETH price is in the downtrend zone of 0.50 Fib retracement level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
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