Ethereum Price Analysis ETHUSD in Range Mode but Could Drop to $160

ETH/USD Medium-term Trend: Bearish

Resistance Levels: $240, $250, $280
Support Levels: $150, $140, $130

Yesterday, November 19, the price of Ethereum was in a bearish trend. The 12-day EMA resisted a bearish candlestick and price fell to the low of $150.93 and commenced a range bound movement. Price is still below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. If price breaks the exponential moving averages to the upwards, the price is likely to rise. But if it tests the exponential moving averages and falls, the price will continue its bearish movement.

ETH/USD Short-term Trend: Bearish

On the 1-hour chart, the digital currency is in a bearish trend. A bearish candlestick tested the 12-day EMA and it was resisted, price will continue its bearish movement. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.

In addition, the price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. If price holds above the $150 price level traders 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.

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