ETH/USD Medium-term Trend: Bullish
Resistance Levels: $240, $260, $280
Support Levels: $180, $160, $140
Yesterday, November 1, the price of Ethereum was in a sideways trend. It was fluctuating above the $196.50 price level and the price was in the bearish trend zone. Today, Ethereum is in the bullish trend zone. Price is expected to rise but will face resistance at the $220 price level.
Traders should initiate long trades at the $200 price level; then a stop loss below the $196.50 price level. The $200 price level is the critical support level of Ethereum.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Ethereum is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the digital currency is in a bullish trend. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone. The MACD line and the signal line are above the zero line which indicates a buy signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.