ETH/USD Long-term Trend: Bullish
• Resistance Levels: $350, $370, $390
• Support Levels: $140, $120, $100
The ETH/USD pair had been in a bullish trend in the last five days. On March 5, the bulls break above the 12-day EMA, the 26-day EMA and it reached a high of $140 price level. In the last four days, the bulls failed to break the $140 resistance level . The crypto’s price on the other hand is making a downward correction. On the upside, the ETH price will rise if the bulls sustain a price above the EMAs. The price of Ethereum is expected to rise to retest the $160 resistance level. The $160 resistance level has remained unbroken since January 2.
On the downside, if the bears break below the EMAs during the downward correction, the crypto’s price will be in the bearish trend zone. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.
Source: bitcoinexchangeguide.com