Yesterday, the price of Ethereum was in a range bound movement. On March 5, the bulls had earlier failed to break the $140 resistance level. The crypto’s price fell to the support of the 26-day EMA. The crypto’s price fell to a low at $136.18 and commenced a range bound movement above the 26-day EMA.
The 12-day EMA and the 26-day EMA are trending horizontally indicating that ETH price has commenced a range bound movement. On the downside, if the bears break the 26-day EMA, the ETH price will fall to the previous low at $128.39.
On the other hand, if the bulls resume their bullish trend above the 26-day EMA, the crypto’s price will rise and probably break the $140 resistance level. Meanwhile, the stochastic band is out of the oversold region but above the 40% range. This indicates that the price is in a bullish momentum and a buy signal.
On the 4-hour chart, the price of Ethereum is in the bearish trend zone. Since March 8, bullish candlesticks have been repelled by the bearish trend line. The bearish trend is ongoing until price breaks the bearish trend line upward and another candlestick closing after it.
Nevertheless, if the price continues its fall, the crypto’s price will revisit the previous low at $127.50. Nevertheless, the stochastic indicator is out of the oversold region but below the 60% range which indicates that the price is in a bearish momentum and a sell signal.
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