ETH/USD Medium-term Trend: Bearish
Resistance Levels: $300, $320, $340
Support Levels: $200, $180, $160
The price of Ethereum was in a range bound movement on yesterday. The range bound movement was the result of the resistance at $254.61 where price reduction to the low of $232.70. At this level, just before falling into a bearish trend, the digital asset inaugurated a range bound movement up till September 24. The digital currency is on a downhill movement and it’s about to get in touch with the critical level at $200.
If price halts this level, the ETH price will devalue to the low of $192.50. If the critical support level grips, traders should look out for buy setups to recruit long trades. In the meantime, the MACD line and the signal line are under the zero line which specifies a buy indicator. Additionally, the price of ETH is beneath the 12-day EMA and the 26-day EMA which indicates that price is in a bearish trend. The Relative Strength Index period 14 is level 29 which points out that the market is overvalued suggesting bulls to take mechanism of the market.
ETH/USD Short-term Trend: Bearish
On the 1-hour diagram, the ETH value is in a bearish trend. The ETH value is below the 12-day EMA and the 26-day EMA which indicates that price is in a bearish trend. The MACD line and the indication line are beyond the zero point which indicates a buy indication.