Ethereum (ETH) Daily Price Forecast – February 8

ETH/USD Medium-term Trend: Ranging

  • Resistance Levels: $240, $250, $260
  • Support Levels: $100, $90, $80

Yesterday, February 7, the price of Ethereum was in a bearish trend zone. Yesterday, the bulls attempted to break the 12-day EMA but failed to reach the bullish trend zone. The support level at $104 price level is holding by the bulls. Traders should initiate long trades at the $104 price level in anticipation of a bullish trend.

If the bulls break above the EMAs, the crypto will attempt to reach the previous high of $120. On the other hand, if the bulls fail to break the EMAs, the crypto will commence a range bound movement. Meanwhile, the ETH price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The MACD line and the signal line are below the zero line which indicates a sell signal.

ETH/USD Short-term Trend: Ranging

On the 1-hour chart, the crypto's price is in a bearish trend zone. On February 7, the crypto's price was above the 12-day EMA , the 26-day EMA and price reached a high of $107.5 . The bears broke the 12-day EMA, 26-day EMA and price fell below the EMAs.

The crypto's price is range bound below the EMAs. Meanwhile, the MACD line and the signal are below the zero line which indicates a sell signal. Also, the crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research

Publication date: 
02/08/2019 - 08:30
Author: 
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.