In this Ethereum price analysis, ETHUSD is still range bound zone between the levels of $230 and $260. However, the bulls have to break the $250 price level to retest the $260 and $280 resistance levels.
Ethereum Price Medium-term Analysis
On, May 23, Ethereum (ETH) price was in a sideways trend and it is still range bound between the $230 and $260 levels. As a result, the Ethereum price dropped to the support of the lower price range and bounced back to commence an upward movement.
In the meantime, the crypto is within the range bound zone and is likely to face initial resistance at the $250 price level. On the upside, the bulls have to break the $250 price level to retest the resistance levels of $260 and $280. On the downside, if the bulls are unable to break the resistance level, the price of Ethereum will remain in the range bound zone.
ETHUSD Price Short-term Analysis
As the 1-hour chart shows, ETHUSD price was in a bearish trend zone. On May 23, the price dropped to the support level at the $232 price level. The bulls made a pulled back above the 12-day and the 26-day Exponential Moving Averages (EMAs) but it is likely to face resistance at the $248 price level.
The price of ETH was characterized by small body candlesticks like the Doji and the Spinning tops, which indicates that the buyers and sellers were indecisive about the direction of the current market price. Currently, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which suggests a sell signal.
- Resistance Levels: $250, $260, $270
- Support Levels: $240, $230, $220
Disclaimer
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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