Yesterday, January 29, the price of Ethereum was in a bearish trend zone. The ETH price has been testing the $100 price level in the last two days. On January 28, the crypto fell to the $105.30 price level. On January 29, the ETH price fell to $104.88 and made a bullish movement to the EMAs. Each time the crypto falls to its low, it will be resisted by the 12-day EMA. On the downside, it was earlier suggested that if the $100 price level was broken the crypto would find support at the $85 price level.

On the upside, if the $100 price level is holding the traders should initiate long trades in anticipation of a bullish trend. If the bulls break above the EMAs and crypto’s price is sustained above it, the ETH price will resume its uptrend movement. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the ETH price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.

On the 1-hour chart, the crypto's price is in a bullish trend zone. On January 29, the ETH price fell to $104.96 and made a bullish movement above the 12-day EMA and the 26-day EMA. Meanwhile, the stochastic indicator is out of the oversold region but above the 60% range. This indicates that Ethereum is in a bullish momentum  and a buy signal. Also, the crypto’s price is above  the 12-day EMA and the 26-day EMA which indicates that price is likely to rise.

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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