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ETH/USD Medium-term Trend: Bearish
- Resistance Levels: $240, $250, $260
- Support Levels: $130, $120, $110
Yesterday, January 10, the price of Ethereum was in a 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 since it was in the bearish trend zone. Now the bears have finally broken below the $150 price level and the EMAs.
The crypto has fallen to the $130 price level and it is likely to fall because it is below the EMAs. Meanwhile, the stochastic indicator is in the oversold region below the 20% range which indicates that Ethereum is in a strong bearish momentum and a sell signal. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the crypto's price is in the bearish trend zone. On December 10, the crypto fell to the $140 price level. Later, it depreciated to the $132 price level. The crypto is now ranging above the $129 price level. A bullish candlestick attempted to break the 12-day EMA and was repelled. The crypto’s price is in a downtrend.
The Stochastic is out of the oversold region but below the 80% 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.
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Disclaimer
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.