There had not been any bullish or bearish break in the past three weeks. Can we expect ETHUSD to resume the bullish trend? Gain insight into the following Ethereum price analysis.
Ethereum Price Medium-Term Analysis
Ethereum price (ETH) price was in a sideways trend yesterday. On May 16, the price of Ethereum reached the $280 overhead resistance level. From the price action, the bulls were resisted each time they tested the $280 overhead resistance. As a result, the price dropped and had a downward correction to the support of the $240 price level. Since then, there had not been any bullish or bearish break
ETH price fluctuates between the levels of $240 and $280. This had been the scenario since the price rose to the $280 overhead resistance. From the Fibonacci tool, the price of Ethereum had been trading in the 0.236 and 0.382 Fib. retracement levels.
These are continuation zone of a trending market. From Fibonacci retracement levels of 0.236 and 0.382, the price of Ethereum can rise. On the downside, Ethereum price will be in a downtrend if these levels remain unbroken. On the other hand, if the bulls break the overhead resistance, the ETH price will reach the highs of $320 or $350 level. In the meantime, the Moving Averages Converge Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
ETHUSD Price Short-term Analysis
Looking at the 1-hour chart, ETHUSD price is in a sideways trend. The 12-day and the 26-day Exponential Moving Averages (EMAs) have flattened and are sloping horizontally, which is an indication that ETH price is ranging. The bearish candlestick is testing the lower price range as downward price correction.
The price of ETH is also characterized by small body candlesticks which suggest that buyers and sellers are indecisive in the market. ETHUSD price is now floating between $236 and $252 levels. In the meantime, the MACD line and the signal line are below the zero line, suggesting a sell signal.
- Resistance Levels: $260, $280, $300
- Support Levels: $240, $220, $200
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.