ETH/USD Medium-term Trend: Bearish
- Resistance Levels: $240, $250, $280
- Support Levels: $130, $120, $110
Yesterday, December 27, the price of Ethereum was in a bearish trend. On December 25, the crypto’s price fell to the low of $128 and price commenced a range bound movement above that level. Yesterday, the 12-day EMA and the 26-day EMA resisted a bearish candlestick and price fell to the low of $118.57.
The bearish trend has not been exhausted as the price continues its fall. The stochastic indicator has entered the oversold region below the 20% range. This implies that the price of Ethereum is in a strong bearish momentum and a sell signal. Meanwhile, the crypto’s price is below the 12-day EMA and 26-day EMA indicating that price is in the bearish trend zone.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the crypto’s price was in a bearish trend. The price of Ethereum is below the 12-day EMA and the26-day EMA which indicates that price is in the bearish trend zone. On December 27, there were two levels of range bound movement.
The first level of range bound movement was the crypto’s price ranging at a price of $126.66 before its eventual breakdown. The second range bound movement was ranging at a price of $119.50. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
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