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ETH/USD Medium-term Trend: Ranging
Resistance Levels: $240, $260, $280
Support Levels: $200, $180, $160
Last week the ETH/USD pair was in a bullish trend. On October 15, the digital currency reached the high of $242.62 in a price rally but pulled back to the low of $214.31. Later, the crypto’s price fell to the low of $204.93 and commenced a range bound movement. Today, the crypto’s price is still ranging above the $200 price level.
Price of Ethereum is likely to continue its range bound movement as the 12-day EMA and the 26-day EMA are horizontally flat. Meanwhile, the MACD line and the signal line are at par with the zero line which indicates a neutral signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Ethereum is in a bullish trend. The crypto’s price likely to rise because the price is above the 12-day EMA and the 26-day EMA which indicates that price is in a bullish trend zone. The MACD line and the signal line are below the zero line which indicates a sell signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.