ETH/USD Medium-term Trend: Bearish
Resistance Level: $ 490, $500, $510
Support Levels: $470, $460, $450
Yesterday, June 13, price of Ethereum fell from the previous level of $500 and it was stated that the asset will still fall to the low of $400. However, the moving averages are trending southward indicating that the bearish trend is not over. Yesterday, the asset fell to the low of $460.78 and it is currently making a bullish movement.
Today, a bearish trend line is drawn to determine whether the bearish trend is over. The principle behind the trend line is that if the candlestick breaks the trend line and closed on the opposite side of it then it is assumed the downtrend is over. Meanwhile, the MACD line and the signal line are below the zero line indicating a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Ethereum indicating that bearish trend will continue.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, price of Ethereum is in a downtrend. From the chart, the MACD line and the signal line are below the zero line indicating a sell signal for day traders. However, if price breaks the trend line and the candlesticks closed on the opposite of it, it is assumed that the bearish pressure is over.
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