Ethereum price climbed to the $190 resistance level yesterday but it’s now correcting lower. Will it ETHUSD continue to decline?
Ethereum Price Medium-term Analysis
Yesterday November 4, the price of Ethereum was trading in a bullish trend. The bulls pushed the price above $182 level and even broke the $185 and $186 resistance levels.
Finally, Ethereum price tested the $190 resistance level and it is started correcting lower. However, the previous resistance near the $184 level is now acting as a decent support.
On the downside, if the price breaks the trend line and trades below $182 level, the coin will move back into a bearish zone. On the upside, if more buyers emerge, the coin will rise towards the $200 resistance level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
ETHUSD Price Short-term Analysis
On the 1-hour chart, the price of Ethereum is in a bearish trend. More importantly, there is a new bearish trend line forming with support near $184 on the hourly chart. However, if the bulls fail to recover above the $190 and $192 resistance levels, there could be a bearish reaction below the $184 support. In the mentioned case, the $182 support holds the key.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $190, $195, $200
- Support Levels: $182, $180, $170
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.