ETHUSD Medium-term Trend: Ranging
- Resistance Levels: $230, $240, $250
- Support Levels: $130, $120, $110
Since February 23, the bulls have not been able to break the $140 and $160 resistance levels. The bears had earlier broken below the support of the $140 price level which is now a resistance level. On March 24, the bears also broke the 12-day EMA and the 26-day EMA after price tested the $160 resistance level.
Today, the price of Ethereum is trading at $138.37 but fell to the support of the 12-day EMA. On the upside, if the 12-day EMA is holding, the crypto's price will resume its bullish trend to retest the resistance levels. On the downside, if the bearish trend continues and price breaks below the EMAs, the price of Ethereum will fall to the lows of $120 and $125 price levels.
Meanwhile, the stochastic band is out of the overbought region but below the 80% range. This indicates that price is in a bearish momentum and a sell signal.
ETHUSD Short-term Trend: Bullish
On the 4-hour chart, the price of Ethereum was in the bullish trend in the previous week. On March 16, the crypto's price had a price rally at a high of $148 but closed at $141.90 price level. The bears made a downward correction to the low at $137.18.
Today, the bulls made a final test at the $140 resistance level, and the bears broke below the 12-day EMA and the 26-day EMA. Nevertheless, the stochastic indicator is in the oversold region but below the 20% range which indicates that the price is in a strong bearish momentum and a sell signal.
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