ETH/USD Medium-term Trend: Bullish
Resistance Levels: $240, $260, $280
Support Levels: $210, $190, $170
Yesterday, November 6, the price of Ethereum was in a sideways trend. The digital currency fluctuated above and below the $200 price level in the previous week. Yesterday, it was suggested that traders should initiate long trades in anticipation of a bullish trend.
Today, the crypto’s price has reached the high of $222.69 and the price is facing resistance at the $220 price level. It is suggested that traders exit their long trades. 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 above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the digital currency is in a bullish trend. The bullish trend is making a series of higher highs and higher lows which have been interrupted by the bears. The crypto’s price has broken the trend line and the following candlestick closed in the opposite of the trend line. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone. The MACD line and the signal line are above the zero line which indicates a buy signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.