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ETH/USD Long-term Trend: Bearish
- Resistance Levels: $350, $370, $390
- Support Levels: $90, $70, $60
The ETH/USD pair is in a smooth downtrend unlike the price of Bitcoin which was partly horizontal in price movement. From the 1-hour chart, the price of Ethereum had earlier fallen to the low of $85.54 but pulled back to the high of $92. This does not imply that the bearish trend of Ethereum has been reversed or exhausted. From the price action, the crypto's price is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing.
The MACD line and the signal line are below the zero line which indicates a sell signal. The Stochastic indicator has fallen below the 20% range. This means that Ethereum has a strong bearish momentum and the price of the crypto will remain bearish. The crypto is likely to continue its downtrend.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.