ETHUSD Medium-term Trend: Bullish
Resistance: $530, $525, $520
Support: $500, $505, $510
Last week, the Ethereum price was unstable but it had a bullish breakout that made it trade at $510.51, at the close of business on Friday 13th, 2018. Today, Ethereum is in a smooth uptrend. From the weekly chart, Ethereum is still in a bullish trend. The MACD line and the signal line are above the zero line. A negative histogram has turned to positive histogram as a result of the bullish trend.
The asset price is currently trading at $512. If the bulls succeed in breaking the resistance at $550, Ethereum will reach the previous high of either $600 or $725. However, if the bears break the support at $500, Ethereum price will fall to his low at $440.
ETHUSD Short-term trend: Bearish
In the daily chart, Ethereum price is bearish. The asset price fell when it encountered resistance at $533 and it fell to the low of $508. The fallen price has started its corrections. The price corrections may revisit the previous high of $550 and go beyond the $600. As a result of the fallen price, the positive histogram has dropped to negative, while the MACD line and the signal line are below the zero line.
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