Ethereum (ETH) Price Analysis – November 16
ETHUSD Medium-term Trend: Bearish
Resistance Levels: $230, $235, $240
Support Levels: $180, $160, $140
The ETHUSD pair is on a downward trend. The price of Ethereum broke the 12-day EMA and the 26-day EMA and fell to the previous low of September 12. On September 12, the cryptocurrency broke the 12-day EMA and fell to the low of $183.17 in a bearish trend. That bearish trend was interrupted by a Hammer candlestick. The bullish trend of September 13 reached the high of $247.80.
Today, the price of Ethereum may respect that historical price level. In another words, $180 price level may likely hold. If this level holds, traders should initiate long trades in anticipation of a bullish trend.
ETHUSD Short-term Trend: Bearish
On the short-term trend, the price of Ethereum is in a bearish trend. The cryptocurrency fell to the low of $180 and commenced a range bound movement. The Stochastic indicator is above and below the range of 20 for a possible trend change. Meanwhile, the crypto’s price is below the 12-day EMA and 26-day EMA which indicates that price is in the bearish trend zone.
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