ETH/USD Medium-term Trend: Bullish
Resistance Levels: $240, $260, $280
Support Levels: $200, $180, $160
Last week, October 8, the price of Ethereum was at the $230 price level. The $230 price level was a resistance level for the price of Ethereum. The digital currency fell to the low of $188.13 but managed to recover. On October 12, the digital currency began fluctuating below and above the $180 price level.
Ethereum is expected to break upward the $200 price level so as to resume its uptrend movement. Traders are to look out for buy setups in order to initiate long trades. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy 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 price of Ethereum was fluctuating above the $200 price level. The digital currency fell to the low of $193.79 and commenced a bullish movement. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is rising.
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