ETH/USD Medium-term Trend: Bearish
Resistance Levels: $240, $260, $280
Support Levels: $210, $190, $170
Yesterday, November 7, the price of Ethereum was in a sideways trend. The digital currency was ranging at the price of $221.90 when the crypto’s price fell to the low of $215.80. The crypto’s price has broken the 12-day EMA and the 26-day EMA indicating that price is likely to fall. Today, as the price of Ethereum is falling, it might revisit the previous low of $200.
If the price does fall and hold at the previous low of $200, traders should initiate long trades in anticipation of a bullish trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the digital currency is in a bearish trend. The crypto’s price fell and broke the 12-day EMA and the 26-day EMA indicating that price is likely to fall. The price of Ethereum is likely to face resistance at the low of $200 which will result in a range bound movement.
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