In this Ethereum price analysis, ETHUSD declined sharply following Binance’s exchange security breach which resulted in the theft of 7,000 bitcoins. If the bearish trend will be terminated the price will rise to retest the $190 resistance level.
Ethereum Medium-Term Price Analysis
On May 7, Ethereum (ETH) price was in a bearish trend zone, as the price rose to a high of $191 but the bulls met resistance at the $190 price level. As a result, ETH price dropped to the previous resistance level now a support level of $176. A trend line has now been drawn to determine the duration of the bearish trend.
At the moment, the bearish trend is ongoing and if the trend line remains unbroken, Ethereum price may drop to the previous low of $168. On the other hand, the bearish trend will be terminated if the bulls are able to break the trend line and another one closes on the opposite side of it. Thereafter, the price of ETH will rise to retest the resistance level of $190.
In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line indicating a buy signal. The price of Ethereum is below the Exponential Moving Averages (EMAs) which is an indication that price is in a bearish trend zone.
ETHUSD Short-term Price Analysis
As the 1-hour chart shows, ETHUSD was in a bearish trend zone yesterday as the bulls pushed the price up to the high of $190 price level, however, they were resisted. ETHUSD price declined to the support of the 12-day EMA and resumed a range bound movement.
The price of ETH was once again resisted at the resistance levels of $187.50 and $182, pulling the price down to a low at $174.25. In the meantime, the MACD line and the signal line are below the zero line and this suggests a sell signal. Moreover, the price is below the 12-day and the 26-day EMAs, an indication that Ethereum price is in the bearish 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.