ETH/USD Medium-term Trend: Bearish
Resistance Levels: $240, $250, $280
Support Levels: $70, $60, $50
Yesterday, December 6, the price of Ethereum was in a bearish trend. The crypto is having a free fall in the last 48 hours. On November 5, the ETH price was trading at $104 and it fell to the low of $99 the following day. Today, the crypto's price has fallen to the low of $87.90 and the downward trend is likely to continue.
Meanwhile, the two EMAs are pointing southward indicating that price is falling. The ETH price is below the 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.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the crypto's price is in a bearish trend. In the lower timeframe, the crypto's is making a series of lower highs and lower lows. The bulls did not make any attempt of pulling back price. The two EMAs are pointing southward indicating a downward trend.
Meanwhile, the price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. Traders should suspend any long orders until the bearish pressure is over but should look out for buy setups.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.