Ethereum (ETH) Daily Price Forecast – February 5

ETH/USD Medium-term Trend: Bearish

  • Resistance Levels: $240, $250, $260
  • Support Levels: $100, $90, $80

Yesterday, February 4, the price of Ethereum was in a bearish trend zone. The crypto’s price made a bullish movement to the 12-day EMA and the 26-day EMA but was resisted. Today the ETH price is falling but the crypto is fluctuating above the $100 price level. Presently, the crypto’s price is in a tight range between the levels of $105 and $114.

On the downside, if the price falls to the support level of $105 and holds, traders should initiate long trades and exit near the resistance of $114. On the other hand, if price tests the resistance level and holds, traders should initiate short trades and exit near the support zone. 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.

ETH/USD Short-term Trend: Ranging

On the 1-hour chart, the crypto’s price is in a bearish trend zone. Yesterday, the crypto’s price was at its low at a price of $107 and the bulls commenced a bullish movement where the EMAs were broken. Today, the bears have brought the price back to the bearish trend zone. 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.

Crypto Destroyer

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