ETH/USD Medium-term Trend: Ranging
• Resistance Levels: $240, $250, $280
• Support Levels: $150, $130, $110
Yesterday, January 9, the price of Ethereum was in the bearish trend zone. The crypto’s price had been trading above the $150 price level in the last four days. It was assumed that the bears would break the $150 price level since it was in the bearish trend zone.
Meanwhile, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. Also, the stochastic indicator is above the 20% range which indicates that Ethereum is in a bullish momentum and a buy signal. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
ETH/USD Short-term Trend: Ranging
On the 1-hour chart, the crypto’s price is in the bearish trend zone. Today, a bullish candlestick broke above the EMA but price pulled back. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.
The Stochastic is out of the overbought region but above the 20% range indicating that Ethereum is in a bearish momentum and a sell signal. The MACD line and the signal line are below the zero line which indicates a sell signal.
Source: bitcoinexchangeguide.com
