Ethereum (ETH) Daily Price Forecast – February 6

ETH/USD Medium-term Trend: Bearish

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

Yesterday, February 5, the price of Ethereum was in a bearish trend zone. Since on February 3, the 12-day EMA and the 26-day EMA were in a horizontal pattern indicating that price was in a sideways trend. Yesterday as the crypto’s price was ranging below the EMAs, a bullish candlestick broke the EMAs but was resisted by the 26-day EMA.

The crypto’s price fell to a low of $103.78. The price has reached the critical support level. On the downside, if the bearish pressure continues the crypto will find support at $85 price level. On the other hand, if the level holds traders should initiate long trades at the support level. 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: Bearish

On the 1-hour chart, the crypto’s price is in a bearish trend zone. The 12-day EMA and the 26-day EMA are trending horizontally. On the other hand, the crypto’s price is fluctuating below and above the $107 price level. Yesterday, the bulls broke the EMAs to the high of $109.03 and the crypto was resisted.

Price has fallen to the critical support level. 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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