Yesterday, February 6, the price of Ethereum was in a bearish trend zone. Yesterday, the bears broke the 12-day EMA, 26-day EMA and price fell to the low of $104.36. The $104 price level was held by the bulls as it made a bullish movement to the EMAs. The bulls are attempting to break the 12-day EMA and the subsequent one. Traders should initiate long trade as the $104 price level is holding.

If the bulls break above the EMAs, the crypto will attempt to reach the previous high of $120. On the other hand, if the bulls fail to break the EMAs, the crypto will commence a range bound movement. Meanwhile, the ETH price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The MACD line and the signal line are below the zero line which indicates a sell signal.

On the 1-hour chart, the crypto's price is in a bearish trend zone. On February 5, the bears broke the 12-day EMA, 26-day EMA and price fell to $104.19. The crypto made a range bound movement and later a bullish movement which led to the breaking of EMAs.

If crypto's price is sustained above the EMAs, the price of Ethereum will reach the highs of $108 and $120 price levels. Meanwhile, the MACD line and the signal are above the zero line which indicates a buy signal. Also, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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