Resistance Levels: $330, $340, $350
Support Levels: $300, $290, $280

Last week the price of Ethereum was in a sideways trend. Price was fluctuating between the levels of $320 and $260. At the upper level of price range, the cryptocurrency was resisted at a price of $297.53 and $296.20 and price fell to the lows of $274.83 and $276.20. On August 31, the cryptocurrency made a bullish movement to the high of $299.44. Today, price is falling from the high of $299.44.

In a ranging market, traders should initiate trades at the upper and lower level of the range bound zone. If traders initiate a short trade at the resistance of $299.44, traders would make partial profits as price falls to the lower level of  price range. If price fell to the lower level of price range, a long trade should be initiated. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. The Relative Strength Index period 14 is level 47 which indicates that price is in the sideways trend zone.

On the 1-hour chart, the price of Ethereum is in a sideways trend. Price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that price is falling.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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