Last week the price of Ethereum was in a bearish trend zone. The crypto’s price fell to the low of $105. The support level at $105 had been holding since the previous week. The bulls broke above the EMAs twice on January 30 and February 3. On each occasion, the bears pulled back price below the EMAs. Today, the ETH price is trading below the EMAs which is likely to fall.

On the downside, the bears are not likely to break the support level. If the level holds, traders should initiate long trades in anticipation of a bullish trend. On the upside, if the bulls break above the EMAs and price is sustained above it; the crypto’s price is expected to rise. Meanwhile, the stochastic is out of the overbought region but below 40% range. This indicates that the ETH is in a bearish momentum and 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 bearish trend zone. Last week, the ETH price was ranging between the levels of $100 and $112. Today the crypto’s price is trading at $107 and the bulls made a bullish movement to the EMAs but were resisted.

At the support of $105, the crypto’s price is expected to have a price breakout or a price breakdown. Meanwhile, the MACD line and the signal are below the zero line which indicates a sell 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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