ETH/USD Long-term Trend: Bearish
- Resistance Levels: $350, $370, $390
- Support Levels: $120, $100, $90
The price of Ethereum had been in the bullish trend since December 17. On January 1, the crypto’s opening balance had risen to the high of $136 but the bulls could not break the resistance at the $160 price level. On January 10, the bears broke the 12-day EMA and the 26-day EMA to the bearish trend zone because of the inability of the bulls to break the resistance level.
The ETH price is now below the 12-day EMA and the 26-day EMA which indicates that the price is likely to fall. The crypto’s price has fallen and it’s approaching the $128 price level. The crypto will further depreciate if the $120 price level was broken which will make Ethereum reach the lows of $105 and $110.
Meanwhile, the stochastic is out of the oversold region but above the 60% range indicating that Ethereum is in a bullish momentum and a buy signal. The MACD line and the signal line are below the zero line which indicates a sell signal.
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