ETH/USD Medium-term Trend: Bearish
Resistance Levels: $240, $250, $280
Support Levels: $70, $60, $50
Yesterday, December 6, the price of Ethereum was in a bearish trend. The crypto is having a free fall in the last 48 hours. On November 5, the ETH price was trading at $104 and it fell to the low of $99 the following day. Today, the crypto’s price has fallen to the low of $87.90 and the downward trend is likely to continue.
Meanwhile, the two EMAs are pointing southward indicating that price is falling. The ETH price is below the 12-day EMA and the 26-day EMA indicating that price is likely to fall. Also, the MACD line and the signal line are below the zero line which indicates a sell signal.
ETH/USD Short-term Trend: Bearish
On the 1-hour chart, the crypto’s price is in a bearish trend. In the lower timeframe, the crypto’s is making a series of lower highs and lower lows. The bulls did not make any attempt of pulling back price. The two EMAs are pointing southward indicating a downward trend.
Meanwhile, the price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. Traders should suspend any long orders until the bearish pressure is over but should look out for buy setups.
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