Ethereum (ETH) Daily Price Forecast – February 6

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.

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