ETH/USD Medium-term Trend: Bullish
Resistance Levels: $240, $250, $260
Support Levels: $150, $140, $130
Yesterday, April 3, the price of Ethereum was in a bullish trend. Yesterday, the bulls reached a high of $173.76 but were resisted. The price retraced and resumed another bullish trend. The bulls tested the $175 price level and were resisted again. The crypto’s price fell to the support of the 26-day EMA.
On the upside, if the support of the 12-day EMA holds, the crypto’s price is likely to rise to retest the $175 price level. On the downside, if the bears break below the EMAs, the crypto’s price will continue its downward fall. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The ETH price is above the EMAs which indicate that price is in a bullish trend zone.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the crypto’s price is in a bearish trend zone. The crypto’s price reached a high of $176.36 but the bulls were resisted and the price fell to the support of the 12-day EMA. The bulls resumed another bullish trend at the support of the 12-day EMA and tested the $180 price level.
The price fell to the low at $161 and commenced a range bound movement. Today, the ETH price is trading at $164.21 as at the time of writing. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.
Source: bitcoinexchangeguide.com