Posted In: Forex Trading Posted On: 2018/11/26 07:43 AM Posted By: ituglobal
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 digital currency was below the 12-day EMA and the 26-day EMA which indicated that price was going to fall. On November 19, the crypto's price was resisted by the 12-day EMA and price fell in a downward trend.
The digital currency fell to the low of $107.57 but the crypto's price was still within the bearish trend zone. Today, price is making a bullish movement from its low but may face resistance at the 12-day EMA. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Price is likely to remain bearish as long as the crypto is below the 12-day EMA and the 26-day EMA.
On the 1-hour chart, the crypto's price is in a sideways trend. On November 25, the digital currency fell to the low of $103.58 and commenced a bullish movement. The bullish candlestick broke the 12-day EMA and the 26-day EMA indicating that price is rising. The 12-day EMA now provides support for the digital currency.
If price breaks the 26-day EMA and remains above it, the crypto is likely to rise. But if it fell below the 26-day EMA, the crypto is likely to continue its downtrend trend.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.