Ethereum price is struggling to correct higher above the $215 resistance level while holding the $200 support level.
Yesterday August 13, the price of Ethereum (ETH) was trading in the bearish trend zone. The crypto’s price was trading below the 12 and the 26-day Exponential Moving Averages (EMAs) after the bulls were unable to break above the $216 resistance level. On July 9, Ethereum price was trading above the EMAs but the bulls met resistance at the $320 price level. As a result, the price went on a downward correction to a low at $198 level. The $200 support level was holding as the bulls made an upward move toward the EMAs.
At the moment, the price of Ethereum is above the $200 support level and is below the EMAs as the bulls were resisted by the EMAs. On the upside, if the bulls break above the 12 and 26-day EMAs, the coin will rise and retest the $215 and $216 price levels.
On the downside, if the bulls fail to break the EMAs, Ethereum price will slide towards the $190 or $185 levels. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
Looking at the 1-hour chart, ETHUSD price is in a bearish trend zone. The 12 and 26-day EMA are trending horizontally. Yesterday, the bulls met resistance at the $215 price level and the ETHUSD pair went on a downward correction to a low at $204 price level.
The price of ETHUSD is trading below the $210 price level and struggling to recover above the EMAs. In the meantime, the MACD line and the signal line are above the zero line which indicates 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.
Yesterday August 13, the price of […]
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