Ethereum price is trading in a range-bound move. ETH bulls need to gain strength above $152 to start a solid upward move in the coming days.
Ethereum Price Medium-Term Analysis
Yesterday December 9, the price of Ethereum (ETH) was in a bullish trend. Buyers were able to breach a major bullish trend line with support near $148 and pushed the price towards the resistance level of $152 level.
After the bulls made two attempts to clear the $152 resistance failed, Ethereum price dropped from the $152 swing high to $143 swing low.
At the time of writing, Ethereum price is trading at the $146 level below the 9-day and 21-day Moving Averages (MA).
On the upside, if the bulls intensify the effort, the coin will rise and retest the $152 price level. A break above the $152 resistance could ETH price towards the $158 level and beyond.
On the other hand, if the bulls fail to continue the uptrend, the crypto’ price will find support at the $143 level. A break below this level might put a lot of pressure on the bulls.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
ETHUSD Price Short-Term Analysis
On the 1-hour chart, ETHUSD price is clearly back in a range-bound move, with a significant resistance near the $152 level. On the downside, the price must stay above $144 or $142 to recover again. Otherwise, the price of ETHUSD could continue to decline towards $132.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Resistance levels: $152, $158, $162
Support levels: $143, $138, $130
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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This article was first published on: Latest Crypto News