Ethereum (ETH) Price Analysis (May 12)
• Ethereum price stays above the EMA-50 as bulls took to gain market momentum in the medium-term.
• The market is going in favor of the bulls at the present in the short-term.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
ETHUSD is in an uptrend in its medium-term outlook. The close of yesterday’s session with a bearish doji candle at $175.72 is an indication of a trend reversal.
The daily candle opens today on a bullish note at $185.59 in the resistance area. Increase momentum by the bulls moves the price up to $191 in the resistance area.
Price is above the EMA-50 in the resistance area an indication that the price of Ethereum is in an uptrend.
The stochastic oscillator signal pointing down at around level 21% in the overbought region indicates that the price movement might change in the days ahead and in this case, a downtrend in the medium-term. Hence, a sell signal.
ETH/USD Short-term Trend: Bearish
The coin is in a bearish trend in its short-term outlook. The formation of the bearish inverted pin bar at $185.60 at the close of yesterday’s session in the support area indicates a trend reversal. Hence bulls’ brief return.
The bulls’ opens the 4-hourly session today at $185.59 in the resistance area and further increase to $189.39.
The formation of a bearish candle with a wick at $186.52 which indicates a reversal in trend drops the crypto price down in the support area after today’s opening.
Bull’s in-road back into the market moves the price up at $191 as the journey up north begins again.
With the price above the EMA-9 and the stochastic signal at the oversold region pointing upwards at around level 47%; these suggest the bulls are gradually returning into the market and the momentum in price might remain in control of the bulls, in this case, an uptrend in the days ahead in the short-term.
Thus, traders may consider buying with bullish reversal candlestick pattern as confirmation.
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.