After reaching a high of $360 level, Ethereum price went on a downward correction to a low at $289. Will the bearish trend continue? Gain insight into the following technical analysis.
ETHUSD Price Chart
Ethereum (ETH) price was in a bearish trend yesterday, June 27. After a bullish break at the $280 price level, Ethereum price reached a high of $360 price level. The price of Ethereum was resisted at the $360 level and the price went on a downward correction to a low at $289.
On the downside, if the bearish pressure continues, Ethereum price will reach a low at $270 level. A bearish trend line is drawn to determine the duration of the downward trend. A bearish trend is ongoing if the trend line remains unbroken. Ethereum price will test the resistance level and commence the downward trend.
On the upside, a bearish trend is assumed terminated if Ethereum price breaks the trend line and another candlestick closes on the opposite of it. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
ETHUSD Price Chart
Looking at the 1-hour chart, ETHUSD price is in the bearish trend zone. The 12-day and the 26-day Exponential Moving Averages (EMAs) are trending southward. In the lower time frame, the bulls were facing resistance at the $350 price level.
Nevertheless, ETH bulls met resistance at the $350 price level and the price dropped to a low at $291 price level to resume a range bound move. In the meantime, the MACD line and the signal line are above the zero lines which suggest a buy signal.
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