ETH/USD Medium-term Trend: Bearish
Resistance Levels: $240, $250, $280
Support Levels: $100, $90, $80
Yesterday, December 5, the price of Ethereum was in a bearish trend. The digital currency fell to the low of $103 which was the lower level of price range. Since November 25, the crypto's price had been range bound between the levels of $100 and $125. It is expected for the price of Ethereum to pullback since price has reached the lower price range.
However, the bullish trend is expected at the $100 price level. Meanwhile, the crypto's price is below 12-day EMA and the 26-day EMA indicating that price is likely to fall. Also, the MACD line and the signal line are below the zero line which indicates a sell signal. If the bears break the $100 price level, the digital currency will depreciate and be out the range. On the other hand, if the $100 price levels holds traders shoul look out for buy setups so as to initiate long trades.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the crypto's price is in a bearish trend. The digital currency fell to the low of $103.50 and commenced a range bound. Meanwhile, the price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The digital currency is expected to rise since it is testing the lower price level.
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