ETHUSD Medium-term Trend: Bullish
- Resistance Levels: $230, $240, $250
- Support Levels: $130, $120, $100
On December 17, the price of Ethereum commenced a bullish movement as the price was fluctuating above the $91 price level. The crypto's price broke the 12-day EMA and the 26-day EMA to the upside. As teh price broke the 26-day EMA and tests the resistance zone at $120, the ETH price was resisted. Later the crypto's price retraced back to the support of the 26-day EMA to resume the bullish movement.
From the daily chart, the crypto's price is making a series of higher highs and higher lows on the bullish trend line. The purpose of the trend line is to enable us to determine the duration of the bullish trend. A bullish trend is said to be ongoing when price tests the trend line without breaking it.
As at the time of writing the bullish trend is said to be ongoing. If price breaks the trend line and the following candlestick closed on the opposite of it the bullish trend is said to be terminated.
ETHUSD Short-term Trend: Bullish
On the short-term trend, the price of Ethereum is in a bullish trend. The crypto's price reached the high of $157.41 as at the time of writing. The price of Ethereum is expected at the $200 price level but it will face resistance at the $180 price level. The crypto's price is retracing from its recent high and will probably test the 12-day EMA to resume the bullish trend.
If the crypto's price tests the 12-day EMA or resumes the bullish trend, traders can initiate long trades. Meanwhile, the stochastic bands are in the overbought region above the 80% range. Ethereum is in a strong bullish movement and has a buy signal.
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