In this Ethereum price analysis, ETHUSD price will rise to retest or break the $172 resistance level as long as the crypto’s price is above the EMAs.
On May 2, Ethereum (ETH) price was in a bullish trend zone as the price was above the 12-day and the 26-day Exponential Moving Averages (EMAs), however, the bulls are yet to break the resistance level of $172. The price of ETH dropped to the support of the 12-day EMA following the first resistance. Again, the bulls were resisted at the $170 price level while attempting to break above the $172 levels.
As long as the price of Ethereum is above the said EMAs, the bulls will rise again to retest or break the resistance level of $172. On the other hand, if the bears break below the EMAs, Ethereum price will drop to a low at $158. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line, an indication of a buy signal. The price is also above the said EMAs and this indicates that ETH price is in a bullish trend zone.
As the 1-hour chart shows, ETHUSD was in a bullish trend zone yesterday as the bulls broke the 12-day and the 26-day EMAs to reach the bullish trend zone. On May 3, the bulls tested the $171 price level, however, they met resistance. After ETH price dropped to a low at $170 and resumed a range bound movement.
ETHUSD price is above the EMAs which indicate that price is likely to rise. In the meantime, the MACD line and the signal line are above the zero line indicating a buy signal. While the price is above the 12-day and the 26-day EMAs, it indicates that ETH price is in the bullish trend zone.
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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