From today’s Ethereum price analysis, if the 26-day EMA holds, ETH bulls will break above the EMAs, and the price will rise and retest the $340 overhead resistance.
In retrospect, Ethereum (ETH) price had been trading below the 12-day Exponential Moving Average (EMA) after the downward correction. The price of ETH had earlier risen to a high of $ 340 after which the bulls were resisted. As a result, Ethereum price was on a downward correction to the low at $294 or to the support level of the 12-day EMA. ETH bulls resumed an uptrend at the support level but were again repelled at the $320 price level.
On June 30, the price of Ethereum dropped to a low of $290 or to the support level of 26-day EMA. The price had been trading below the 12-day but above the 26-day EMAs in the past one week. On the upside, Ethereum price will rise and retest the $340 overhead resistance if the 26-day EMA holds, the bulls will need to break above the EMAs. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which suggests a buy signal.
Looking at the 1-hour chart, ETHUSD is in a bullish trend zone as the 12-day and the 26-day EMAs are sloping horizontally. The price of ETH had been facing resistance at the $296 price level. Yesterday, ETH bulls rose to a high of $296 price level.
Nevertheless, the bulls met resistance as the price declined to the support level of the 26-day EMA to commence a range bound movement above the EMAs. In the meantime, the MACD line and the signal line are above the zero line, indicating a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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