2018-9-7 09:28 |
Resistance Levels: $240, $260, $280
Support Levels: $220, $200, $180
Yesterday, September 6, the price of Ethereum was in a bearish trend. The ETH price fell to its previous low of $211.11. The cryptocurrency appears to have ended the bearish pressure as the price went into a range bound movement. Traders should know that we buy low and sell high. Therefore we should initiate long trades above and stop-loss orders below the $200 price level.
As the positions reach a profitable status then we can bring our stop-loss orders to breakeven point. The price of Ethereum is expected to rise. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. The Relative Strength Index period 14 is level 26 which indicates that the market is oversold suggesting bulls to take control of the market.
ETH/USD Short-term Trend: RangingOn the 1-hour chart, the price of Ethereum is in a sideways trend. The cryptocurrency is fluctuating below and above the $230 price level. Price of Ethereum is neither below nor above the 12-day EMA and the 26-day EMA which indicates that price is in a sideways trend. 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.
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