Ethereum (ETH) Price Analysis (May 1)
• ETHUSD still trades in an uptrend.
• Bulls are losing momentum gradually, might be time to buy LTCUSD short-term soon.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
Ethereum looks bullish in its medium-term outlook. The bears increased momentum drops price down to $201.92 in the support area, during yesterday’s session. price at $206.39 in the support area remains the close of the day.
The momentum lost as exhaustion sets in with the formation of the bullish candle at $206.34 in the resistance area as the opening price today.
The coin is up at $214.90 above the two EMAs, this implies the momentum in price of ETHUSD is in an uptrend, and buyers are in the dominance of the market.
The stochastic oscillator signal is pointing downwards at around level 80% suggests that a trend reversal may occur in the future in the medium-term.
ETH/USD Short-term Trend: Bullish
Today’s 4-hour opening candle at $206.34 in the resistance area is bullish as the bulls remain dominant in the market. Looks like the price will want to bounce up again in the short-term.
The impulsive move by the bulls pushes price of the crypto up at $214.90 in the resistance area, as the journey up north continues.
ETHUSD is initially up above the EMA-50, an indication of an uptrend in the context of the strength of the market.
The stochastic signal pointing up at around level 49% in the oversold region suggests that the momentum in the price of Ethereum is in an uptrend and buyers are in control at the moment in the short-term.
Thus, a buy signal.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.