ETHUSD Medium-term Trend: Bearish
- Resistance Levels: $230, $240, $250
- Support Levels: $100, $90, $80
The price of Ethereum is now in a bullish trend zone. From the daily chart, and on February 8, it will be the first time, the bulls will be breaking the 12-day EMA and the 26-day EMA. In retrospect, the ETH price was earlier in a bearish trend since January 10. In the other words, the bulls were unable to break the EMAs for 30 days.
Today, the bulls have not only broken the EMAs but the crypto’s price is ranging above the EMAs. On the upside, the crypto’s price is likely to rise but may face resistance at the $130 and $160 price levels. On the downside, if the bears break below the EMAs, the ETH price will resume its downward trend.
Meanwhile, the stochastic band is in the overbought region but above the 80% range which indicates that price is in a strong bullish momentum and a buy signal.
ETHUSD Short-term Trend: Ranging
On the 4-hour chart, the price of Ethereum is in a bullish trend. On February 8, the ETH price reached a high of $122.11 and the price was resisted. The crypto's price retraced to the support of the 12-day EMA. In the last five days, the crypto’s price had been ranging above the 12-day EMA with small body candlesticks.
These Doji and Spinning tops candlesticks are describing the indecision of buyers and sellers above the $120 price level. A price breakout or a price breakdown is imminent as the crypto’s price ranges. The stochastic is out of the overbought region but below the 60% range which indicates that the price is in a bearish momentum and sells signal.
The stochastic is out of the overbought region but below the 60% range which indicates that price is in a bearish momentum and sells signal.