Ethereum (ETH) Daily Price Forecast – August 16

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ETH/USD Medium-term Trend: Ranging

Resistance Levels: $290, $300, $310
Support Levels: $270, $260, $250

Yesterday, August 15th, the ETH price was in a bullish trend. The cryptocurrency rose from the low of $258.60 in a bullish trend to the high of $303.86. However, the bullish movement was interrupted by the bears and price fell to the low of $287.26. Today, the price of Ethereum is still falling. The cryptocurrency is in a sideways trend and probably will revisit the previous low of $250.

Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of ETH 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 42 which indicates that price is in the sideways trend zone.

ETH/USD Short-term Trend: Ranging

On the 1-hour chart, the ETH price is in a sideways trend. The ETH price is in a sideways trend after its fall from the $300 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The price of Ethereum is above the 26-day EMA and the 12-day EMA which indicates that a bullish trend is ongoing.

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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