ETH/USD Medium-term Trend: Bearish
Resistance Levels: $200, $220, $240
Support Levels: $160, $140, $120
Yesterday, September 11, the price of Ethereum was in a bearish trend. The price of Ethereum fell to the low of $175.69. Today, the cryptocurrency is in a bearish trend. Price has broken the major support level of $200. Price is likely to test the next support level which is $160 price level.
If price reaches the next support level, that would probably be the first low since the beginning of the year.Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. The Relative Strength Index period 14 is level 22 which indicates that the market is oversold suggesting bulls to take control of the market.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Ethereum is in a bearish trend. Price of Ethereum is falling because the 12-day EMA and the 26-day EMA are above the price of the cryptocurrency. The MACD line and the signal line are below the zero line which indicates a sell signal.
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