Ethereum price started a nice upward move before declining below the $138 level, similar to Bitcoin. Will the ETHUSD pair continue the downtrend?
Ethereum Price Medium-term Analysis
Last week, the price of Ethereum (ETH) was trading in a bearish trend zone. ETH continued in a bearish zone after the bulls failed to push the price above the $155 resistance level.
However, on November 28, Ethereum price recovered nicely from the $127 support above the $130 resistance. Moreover, there was a break above the $135 resistance towards $138 before Ethereum price started a downside correction.
At press time, the coin is changing hands at the $133 level below the 9-day and 21-day Moving Averages (MA).
On the upside, if more buyers emerge, the coin will rise and retest the $140 and $150 resistance levels. On the other hand, should the price move below $133 support level, there is a possibility that the price could hit the critical support levels at $130 and $125.
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 ETHUSD is trading above the $130 and $132 resistance levels. Therefore, there are high chances of more gains above the $138 and $140 levels. On the other hand, Bitcoin price dropped from the $7,500 and it is currently consolidating near the $7,300 support level.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $155, $165, $170
- Support Levels: $130, $125, $120
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.