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.
ETH/USD Short-term Trend: Ranging
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.