Resistance Levels: $240, $250, $280
Support Levels: $100, $90, $80

Yesterday, December 5, the price of Ethereum was in a bearish trend. The digital currency fell to the low of $103 which was the lower level of price range. Since November 25, the crypto's price had been range bound between the levels of $100 and $125. It is expected for the price of Ethereum to pullback since  price has reached the lower price range.

However, the bullish trend is expected at the $100 price level. Meanwhile, the crypto's price is below 12-day EMA and the 26-day EMA indicating that price is likely to fall. Also, the MACD line and the signal line are below the zero line which indicates a sell signal. If the bears break the $100 price level, the digital currency will depreciate and be out the range. On the other hand, if the $100 price levels holds traders shoul look out for buy setups so as to initiate long trades.

On the 1-hour chart, the crypto's price is in a bearish trend. The digital currency fell to the low of $103.50 and commenced a range bound. Meanwhile, the price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The digital currency is expected to rise since it is testing the lower price level.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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