ETH/USD Long-term Trend: Ranging
Resistance Levels: $350, $370, $390
Support Levels: $280, $260, $240
In the month of October, the Ethereum price was in a range bound movement. On September 21, the bulls reached the high of $251,67 and price fell to the low of $213.72 . The digital currency commenced a ranged bound movement at a price of $202.82 . The $200 price level is the major support level for the cryptocurrency. Ethereum is currently ranging above the $200 price level. Price is expected to rise at the support level. Traders should initiate long trades in anticipation of a bullish trend.
Meanwhile, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The Relative Strength Index period 14 is level 34 which indicates that the market is oversold signaling bears’ exhaustion and suggesting bulls to take control of the market.
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