In this Ethereum price analysis, if ETHUSD price is sustained above the EMAs, the bulls will retest or break above the $200 resistance level. What’s next?
Ethereum Medium-Term Price Analysis
During the past week, Ethereum (ETH) price was in a bullish trend. In recent times, the price would rise to reach the recent high and then retrace to commence its bullish trend. On May 7, the price ETH rose to a high of $188.54 but retraced to a low at $171.81. On May 9, ETH bulls started another u[trend to reach the $200 price level, however, they were resisted.
Ethereum price has retraced to the support of the 12-day Exponential Moving Average (EMA). On the upside, if the bulls are able to sustain the price above the EMAs, the price will retest or break above the $200 resistance level. On the other hand, if the bears break below the EMAs, Ethereum price may drop to a low at $176 level. In the meantime, the Moving Average Convergence Divergence (MACD) line, as well as the signal line, are above the zero line, indicating a buy signal. Also, ETH price is above the EMAs which suggest that the price is in a bullish trend zone.
ETHUSD Short-term Price Analysis
As the 1-hour chart shows, ETHUSD was in a bullish trend zone. Nevertheless, the ETH bulls were facing resistance at the $200 price level. They bulls tested this resistance level twice but were resisted. As a result, ETH price dropped and broke the EMAs to the bearish trend zone. It declined to a low at $195.18 and resumed a range bound movement.
The 12-day and the 26-day EMAs are horizontal and indicate a sideways trend. At the time of writing, Ethereum price is trading at $187.89. In the meantime, the MACD line, as well as the signal line, is neither below nor above the zero line which indicates a neutral signal. Moreover, the ETHUSD price is below the 12-day and the 26-day EMAs, an indication that ETH 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.