Ethereum (ETH) Price Analysis (May 4)
• ETHUSD, the trend is falling and the price has not yet reached its goal- a strong support level of $148.
• Bulls are losing momentum gradually, might be time to sell ETHUSD soon.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
Etherum is in an uptrend in its medium-term outlook as we can see from the chart. The sustained bearish pressure pushes the cryptocurrency down during yesterday’s session to $ 209.91 in the support area.
The journey down south continues as the market opens today with a bearish candle at $209.87 in the support area.
ETHUSD further drops to $195 in the support area below the EMA-9.
Price is above the EMA-50, this implies the bears are gradually coming into the market.
Hence, the stochastic oscillator signal pointing down at around level 68% in the overbought region, suggests a downward momentum in the price of the cryptocurrency, which means the price might continue to remain in favor of the bears in the nearby days in the medium-term.
ETH/USD Short-term Trend: Bullish
The crypto is still trading in a bullish trend market in its short-term perspective. The sustained bullish pressure pushes the cryptocurrency further up at $211.74 in the resistance area during yesterday’s session.
The bears return gradually as the 4-hourly session opens today with an initial drop to $209.07.
Reactions from the bears drop the price further down at $198.11 in the support area with the formation of an inverted hammer candle. An indication of a trend reversal.
With the price below the two EMAs and the stochastic signal pointing downwards at around level 12% in the oversold region suggests the price of Ethereum is in a downward trend and sellers are dominating the market in the short-term.
Hence, sellers may take the position as desired.
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.