ETH/USD Medium-term Trend: Bearish
Resistance Levels: $240, $260, $280
Support Levels: $170, $160, $150
Yesterday, November 15, the price of Ethereum was in a sideways trend. The price of Ethereum fell to the low of $178.21 and commenced a range bound movement. The appearance of Doji and Spinning candlesticks described the indecision of buyers and sellers at the $178 price level. Also, the crypto’s price is below the exponential moving averages (EMAs) indicating that price is likely to fall.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The crypto’s price is below the 12-day EMA and the 26-day EMA which indicate that price is in the bearish trend zone. If the $178 price level holds, traders should initiate long trades in anticipation of a bullish trend.
ETH/USD Short-term Trend: Ranging
On the 1-hour chart, the digital currency is in a bearish trend. The crypto’s price fell to the low of $ 171, but price pulled back to commence a range bound movement. Meanwhile, the crypto’s price is neither below nor above the 12-day EMA and the 26-day EMA indicating a sideways trend.The MACD line and the signal line are below the zero line which indicates a sell signal.
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