ETHUSD Medium-term Trend: Bearish
- Resistance Levels: $230, $240, $250
- Support Levels: $110, $100, $90
Yesterday, the ETHUSD pair was in a bearish trend zone as the crypto ranges above the $120 price level. In retrospect, on December 15, the ETH price commenced its bullish trend and the bulls took teh price to the bullish trend zone. On January 6, the crypto reached the high of $165.86 but the bulls were resisted and the crypto commenced its bearish trend.
On January 10, the bears broke the 12-day EMA, the 26-day EMA and the price fell to the low of $129.50. In the last week, the crypto’s price had been fluctuating above the $120 price level. If the bears break below the $120 price level, Ethereum will further depreciate.
Meanwhile, the stochastic indicator is still in the oversold region but below the 20% range which indicates that the price of Ethereum is in a bearish momentum and a sell signal.
ETHUSD Short-term Trend: Bearish
On the 4-hour chart, the price of Ethereum is in a bearish trend zone. From January 10, the price of Ethereum fell to its low and it commenced a range bound movement. The crypto’s price was below the EMAs and it had been trading above the $120 price level. After the range bound movement, a price breakout is being expected.
Meanwhile, the stochastic indicator is out of the overbought region but above the 25% range. This indicates that the price of Ethereum is in a bullish momentum and a buy signal.
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