Ethereum (ETH) Price Analysis – November 12
ETHUSD Medium-term Trend: Ranging
Resistance Levels: $230, $235, $240
Support Levels: $205, $200, $195
Last week the ETHUSD pair was in a bullish trend. From the bullish trend, the crypto’s price had a resistance at the price of $220. The resultant effect was a fall to the low of $211.67 and ETH commenced a range bound movement. The appearance of Spinning tops and Doji candlesticks explains the indecision of buyers and sellers at the $211.67 price level.
From the price action, the crypto’s price is above the 12-day EMA and the 26-day EMA indicating that the price is likely to rise. If the $200 price level holds traders should initiate long trades in anticipation of a bullish trend. The Stochastic is in the range of 60 which indicates a buy signal and the momentum of the price is increasing on the upside.
ETHUSD Short-term Trend: Ranging
On the short-term trend, the price of Ethereum is in a sideways trend. The crypto’s price is neither above nor below the 12-day EMA and the 26-day EMA which indicates that the price is in the sideways trend zone. Meanwhile, the Relative Strength Index period 14 is level 51 which indicates that the price is in a sideways trend. The crypto is likely to encounter another price breakout.
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