ETH/USD Medium-term Trend: Bearish
Resistance Levels: $240, $260, $280
Support Levels: $210, $190, $170
Yesterday, November 8, the price of Ethereum was in a bearish trend. The crypto's price had reached a high of $224.85 in a bullish trend. Price was resisted because Ethereum faces resistance at the $220 price level. The digital currency was making a series of lower lows and lower highs.
The crypto's price broke the exponential moving averages ( EMAs) in a downward trend. Price of Ethereum is now below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. The crypto is likely to fall again to the previous low of $200. If the price does fall, 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.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the digital currency is in a bearish trend. The crypto’s price is now below the 12-day EMA and the 26-day EMA indicating that price is likely to fall. The MACD line and the signal line are below the zero line which indicates a sell signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.