ETH/USD Medium-term Trend: Bullish
Resistance Levels : $480, $490, $500
Support Levels: $460, $450, $440
Yesterday, July 4, price of Ethereum was in a bullish trend. Also, yesterday the Fibonacci tool was suggested to be used in order to determine support levels in a bullish market. Today, the price of Ethereum is making a series of higher highs and higher lows. A trend line is attached to the chart which will enable us to initiate long trades. That is if price of Ethereum retraces from the recent high and tests the trend line, a long trade should be initiated .
However, you must allow the bearish candlestick to close and another bullish candlestick to open before initiation. Also, no trade should be initiated if price breaks the trend line. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price bars of Ethereum are above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing.The relative strength index period 14 is level 60 which indicates that price is in the bullish trend zone.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Ethereum is in a bullish trend. The MACD line and the signal line are above the zero line which indicates a buy signal. In the lower time frame, the price bars of Ethereum is above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing.
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