ETH/USD Medium-term Trend: Bearish
Resistance Levels: $260, $280, $300
Support Levels: $200, $180, $160
Yesterday, October 10, the price of Ethereum was in a bearish trend. Since the beginning of October, the bulls have succeeded in holding price above the $200 price level. Today, the bears have taken price from the high of $226.75 to the low of $199.41.
Price is likely to reach the previous low of $181.77. Traders are to look out for buy setups to initiate long trades in anticipation of a bullish trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Ethereum is in a bearish trend. Price is falling and the critical support level is being broken. The MACD line and the signal line are below the zero line which indicates a sell signal. The Relative Strength Index period 14 is level 18 which indicate that the market is oversold signaling bear’s exhaustion and suggesting bulls to take control of market.
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