ETH/USD Long-term Trend: Bullish
- Resistance Levels: $350, $370, $390
- Support Levels: $120, $100, $80
The ETH/USD pair had been in the bearish trend zone since January 10. The crypto fell to a low of $129.50 and commenced a downward trend. At another time the crypto's price fell to the low of $103.20 to commence a range bound movement. It was actually ranging between the levels of $103.20 and $114.33 before the price breakout.
On February 8, at the low of $105.78, the ETH price commenced a bullish movement. The bulls broke the 12-day EMA, the 26-day EMA, and the resistance level at $114 to reach the bullish trend zone. The ETH price is likely to rise because it is above the EMAs.
The ETH price is trading at $121.49 as at the time of writing. The crypto is expected to rise but will face resistance at the $165 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.