ETH/USD Medium-term Trend: Ranging
- Resistance Levels: $240, $250, $260
- Support Levels: $100, $90, $80
Yesterday, January 24, the price of Ethereum was in a bearish trend zone. On January 24, the bears were resisted by the 12-day EMA and price fell to the low of $116.79. In the same vein, the bulls made a bullish movement attempting to break the EMAs.
On the downside, if the bulls fail to break above the 12-day EMA and the 26-day EMA, the crypto will continue to trade below the $120 price level. On the upside, if the bulls break above the EMAs, the crypto is likely to reach the highs of $130 and $160. Meanwhile, the MACD line and the signal line are below the zero lone which indicates a sell signal.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the crypto’s price is in a bullish trend zone. The price of Ethereum is likely to rise because the crypto’s price is above the 12-day EMA and the 26-day EMA. The 12-day EMA provides support for the crypto.
However, the bulls have to break the $120 price level to enable it reach the highs of $130 and $160. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
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