ETH/USD Medium-term Trend: Bearish
Resistance Levels: $240, $260, $280
Support Levels: $180, $160, $140
Yesterday, October 29, the bears broke the $200 price level. The digital currency has fallen to the low of $197.31 and commenced a range bound movement. The crypto’s price is still likely to test its previous lows of $180 or $190. The digital currency was previously range bound between the levels of $200 and $240.
Price has now fallen below the lower price range. If the digital currency falls to its previous lows traders should initiate long trades. Their stop-loss order should be placed below $180 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Ethereum is in a bearish trend. Price is now ranging below and above the $197 price level. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is falling. The MACD line and the signal line are below the zero line which indicates a sell signal.
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