Ethereum price is trading near the $229 level after the price went on a downward correction from a new monthly high close to $240. The ETHUSD pair might climb higher to retest that level again.
Ethereum (ETH) price was in the bullish trend zone yesterday August 6 after rising above the $230 price level. The bulls broke the 12 and 26-day Exponential Moving Averages (EMAs) to reach the bullish trend zone. Yesterday, the price of Ethereum traded close to the $240 level and formed a new monthly high. Nevertheless, ETH bulls were unable to break the $240 resistance. As a result, Ethereum price went on a sharp downside correction below the $225 support level.
At the moment, Ethereum price is trading near the $229 level. On the upside, Ethereum price will commence another bullish trend to retest the $230 and the $240 price levels. On the downside, the downward trend will resume towards $212 level if the bulls fail to break the resistance level. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which suggests a sell signal.
As the 1-hour chart shows, ETHUSD price is in a bullish trend. Yesterday, the bulls met resistance at the $240 price level and the price of ETHUSD went on a downward correction below the $235 and $230 support levels. In the meantime, the MACD line and the signal line are below the zero line, which is an indication of a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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