Ethereum (ETH) Price Analysis (May 13)
• The price is currently recovering and showing positive signs above $185.
• Ethereum is well on its way to resistance in the medium-term
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
ETHUSD is in a bullish trend market zone in its medium-term chart outlook.
After retesting the support level $175.72 by the bears on the 11th of May, the bull’s gradual return yesterday at $192.41 in the resistance area returns the crypto back within the range. After the breakout, the price has had a strong resistance zone.
A bullish inverted hammer candle at $189.77 opens today’s daily session in the resistance area.
Bulls push the crypto up to $191.36 in the resistance area above $175.72 support level.
Ethereum now trades above the EMA 50 as the time of writing this article which indicates that price is in an uptrend.
Hence the stochastic signal pointing up at around level 24% in the oversold area suggests that the momentum in price of Ethereum is in an uptrend and may likely continue in the same direction in the days ahead in the medium-term.
ETH/USD Short-term Trend: Bearish
The coin is in a downtrend in its short-term outlook. The crypto now trades in the support zone below $195.
The 4-hourly session opens today at $189.77 on a bullish note in the resistance area sustain the bullish momentum as the session continues.
The journey up north continues as the price of ETHUSD moves up to $ 191.36 in the resistance area.
Price is initially up at 191.36 below the EMA-50, this implies the coin is trading at the support zone and bulls are gradually returning to the market.
However, the stochastic signal pointing down at around level 79% in the overbought region implies the movement in price of Ethereum might likely experience a trend reversal in this case, a downtrend in the latter days 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.