ETH/USD Medium-term Trend: Bearish
- Resistance Levels: $240, $250, $280
- Support Levels: $80, $70, $60
Yesterday, December 11, the price of Ethereum was in a bearish trend. The price of Ethereum is still under bear control as the price is below the 12-day EMA and the 26-day EMA which indicates that Ethereum is likely to fall.
Yesterday, the crypto’s price was resisted by the 12-day EMA and price fell to the low of $88.10. Today, the crypto is making a bullish movement to the EMAs which is likely to be resisted by the EMAs. This has been the scenario since the crypto fell into the bearish trend zone. Meanwhile, the Relative Strength Index period 14 is level 41 which indicates that the price of Ethereum is trading in a sideways trend zone.
ETH/USD Short-term Trend: Ranging
On the 1-hour chart, the crypto’s price is in a sideways trend. On December 11, the crypto’s price fell to the low of $89 and commenced a range bound movement. While the crypto is fluctuating, the price action is showing small body candlesticks like the Doji and Spinning tops candlesticks describing the indecision of the bulls and the bears at the $89 price level.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the price of ETH is below 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone.
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