ETHUSD Medium-term Trend: Bearish
- Resistance Levels: $230, $240, $250
- Support Levels: $100, $90, $80
On January 28, the price of Ethereum fell to its low at the $105.30 price level to form a support level. The bulls have not been able to break the resistance level at $114.33. The crypto is in a tight range between the levels of $105.30 and $114.33 in the last week. At this early stage of its range-bound movement, traders can also trade the key levels as the crypto ranges.
The crypto’s price fluctuates below and above the 12-day EMA and the 26-day EMA. The crypto’s price is below the EMAs and may likely test the support level before its bullish movement. If it tests the support level traders should initiate long trades and exit near the resistance zone.
You can initiate short trades and exit near the support zone when the price tests the resistance level. Meanwhile, the stochastic band is in the oversold region and below the 20% which indicates that the price is in a bearish momentum and a sell signal.
ETHUSD Short-term Trend: Ranging
On the 1-hour chart, the price of Ethereum is in a sideways trend. On January 31 and February 2, the bulls tested the resistance level which indicates that traders should initiate short trades. On January 28, the crypto tested the support level which indicates that traders initiate long trades. The range bound movement will be terminated when there is a price breakout or price break down.
The MACD line and the signal line are below the zero line which indicates a sell signal.
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