ETH/USD Medium-term Trend: Bearish
Resistance Levels: $240, $250, $280
Support Levels: $100, $90, $80
Last week the price of Ethereum was in a bearish trend. The bearish trend fell to the low of $107.20 and became range bound. On the 4-hour chart, the crypto’s price was fluctuating below and above the 12-day EMA and the 26-day EMA. On December 1, the bulls made a bullish movement above the 12-day EMA and the 26-day EMA indicating that price is likely to rise.
The two EMAs provides support for the price of Ethereum. Today, the crypto’s price has broken the EMAs on the downside, the digital currency will resume its downward trend. The crypto had been fluctuating above the $100 price level after the bearish breakout. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The price is 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 crypto’s price is in a bearish trend. The crypto’s price is below the 12-day EMA and the 26-day EMA indicating that price is in a bearish trend. The digital currency is in the bearish trend zone and it is likely to fall if resisted by the EMAs.
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