This past week, Ethereum (ETH) price was in a bullish trend as it reached a high at $280 price level. Nevertheless, the bulls were resisted at the $280 price level and the market was in a strong downside correction. The price od Ethereum dropped to the $230 price level to form the support level. Ethereum price is range bound between the $230 and $280 levels.
Ethereum price made a bullish move and it is currently facing resistance at the $260 price level. On the upside, if the crypto’s price is sustained above the moving averages, ETH bulls are likely to retest the $260 and $280 resistance levels. On the downside, if the bulls are unable to break the resistance levels, the price of Ethereum will fall back to the bearish zone. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
Looking at the 1-hour chart above, ETHUSD price was in a bearish trend zone. The crypto’s price fell to 0.50 Fib. retracement level as price ranges above it. The 0.50 retracement level is likely to hold as the price broke the bearish trend line terminating the bearish trend. From the price action, the crypto’s price is below the Exponential Moving Averages (EMAs) which indicates that price is likely to decline. On the downside, if the bearish trend continues, the market is likely to fall to the $230 price level.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
