ETH/USD Long-term Trend: Ranging
Supply Zone: $480, $490, $500
Demand Zone: $450. $440, $430
Ethereum price had been in a sideways trend for the month of July 2018. The cryptocurrency traded at the beginning of the month with a price of $451.59. Since then the cryptocurrency had been fluctuating between the resistance level at $480 and the support level at $440. The levels of this range-bound zone had not been broken to determine whether the price of Ethereum is either bullish or bearish.
Meanwhile, it is currently trading at $468.13 as at the time of writing.
Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicate that the bearish pressure is ongoing. The relative strength index period 14 is level 44 which indicates that the price of Ethereum is in a sideways trend zone.
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