In this Ethereum price analysis, if ETHUSD retraced and was held at the support of the 12-day and the 26-day EMAs, then ETH price will commence its uptrend to retest the price levels of $172 and $176.
Ethereum Medium-term Price Analysis
On April 30, Ethereum (ETH) price was in a bullish trend to retest the price level of $176. Nevertheless, the bulls were resisted at the $172 price level and thereafter price resumed a retracement. If ETH price retraced and was maintained at the support of the 12-day and the 26-day Exponential Moving Averages (EMA), then the price of Ethereum will resume its upward trend to retest the price levels of $172 and $176.
On the downside, if Ethereum price retraced and broke below the said EMAs, the price will drop to the price levels of $160 and $156. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line, which is an indication of a buy signal. Ethereum price is now above the EMAs, suggesting that price is in a bullish trend zone.
ETHUSD Short-term Price Analysis
Looking at the 1-hour chart, ETHUSD was in a bullish trend zone. At the moment, the price is trending northward on both 12-day and the 26-day EMAs. ETH price retraced to the support of the 12-day EMA after the bulls met resistance at the $172 resistance level.
On the upside, If the bulls are able to hold the 12-day EMA, ETHUSD price will commence its uptrend and retest the $172 price level. In the meantime, both the MACD line and the signal line are above the zero line to indicate a buy signal. Moreover, the price of Ethereum is above the 12-day and the 26-day EMAs which suggest that ETH is in the bullish trend zone.
- Resistance Levels: $240, $250, $260
- Support Levels: $150, $140, $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.