Ethereum (ETH) Price Analysis (May 11)
• Both the medium-term and the short-term still trades in the bullish trend zone.
• Looks like the price will want to bounce up back in the short-term.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
ETHUSD continues to trade in an uptrend market. The sustained bearish pressure pushes the cryptocurrency further down at $177.44 during the session yesterday. The session closes with an initial drop to $187.71 before the end of yesterday's session.
Today’s daily session at $187.65 opens with the formation of a bullish pin bar hammer at the resistance area. An indication of a trend reversal.
Price is initially up at $199.32 above the two EMAs in the resistance area, this implies the bulls’ dominance in the market.
However, the stochastic oscillator signal pointing down at around level 30% in the oversold region indicate the bears may continue to dictate the market direction in the future in the medium-term.
Hence, sellers may take a position as desired.
ETH/USD Short-term Trend: Bullish
The coin is in a bullish trend in its short-term outlook. The sustained bearish pressure pushes the cryptocurrency down during yesterday's session to $181 in the support area.
The bull’s brief return changes the trend as the 4-hourly session opens today at $185.84 with a bullish inverted hammer candle in the resistance area.
Ethereum further rises to $191.32 in the resistance area. Bears return briefly and drop the price down at $186.79 as the session continues.
Price is now trading below the two EMAs; this suggests the price of the crypto is in a downtrend.
Thus, the stochastic oscillators signal pointing up at around level 22% in the oversold region indicates a change in trend may likely occur in the momentum of the price of ETHUSD in the days ahead in this case, an uptrend in the short-term.
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.