ETH/USD Long-term Trend: Ranging
Resistance Levels: $350, $370, $390
Support Levels: $200, $180, $200
The ETH/USD pair was in a bullish trend in the first week of November 2018. On October 29, the digital currency fell to the low of $195.94 and commenced a bullish movement. On November 7, the crypto reached the high of $224.85 but was resisted. Price is currently falling in a downward trend. In the daily chart, the bearish trend was resisted by the 26-day EMA. Price is likely to fall to the $200 price level.
If It does, traders should initiate long trades in anticipation of a bullish trend. Then a stop loss should be placed below the $200 price level. Meanwhile, the price of Ethereum is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The MACD line and the signal line are below the zero line which indicates a sell signal.
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