Posted In: Forex Trading Posted On: 2018/12/05 08:45 AM Posted By: ituglobal
ETH/USD Medium-term Trend: Bearish
Resistance Levels: $240, $250, $280
Support Levels: $100, $90, $80
Yesterday, December 4, the price of Ethereum was in a bearish trend. There had been no significant price movement in the last 24 hours. The crypto's price is fluctuating below the 12-day EMA and all the price movements were resisted by the 12-day EMA. From the daily chart, the digital currency was unable to break the 12-day EMA and the 26-day EMA.
This indicates that the price of Ethereum is not likely to rise. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell 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. If the price tests the lower price level of $100 and the level holds; traders should initiate long trades in anticipation.
On the 1-hour chart, the crypto's price is in a bearish trend. Today, the bullish trend broke 12-day EMA and the 26-day EMA and commenced range bound movement above it. But the crypto's price fell again below the EMAs which will result in the downtrend.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.