Ethereum (ETH) Price Analysis (May 5)
The crypto is going in favor of the bears now.
Price trades below the EMAs.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
ETH/USD continues in a bullish trend in its medium-term outlook. The sustained bearish pressure pushes the cryptocurrency further down at $195 in the support area during yesterday’s session.
Today’s daily session opens with a bearish candle with a wick at $206.59 in the support area.
The cryptocurrency is down initially at $201.28 in the support area. Price is above the two EMAs, this indicates that the momentum in price of the coin is in an uptrend.
However, the stochastic oscillator signal is pointing down at 67% in the overbought region suggests the coin might encounter a reversal in trend in the nearby days in the medium-term.
ETH/USD Short-term Trend: Bullish
ETHUSD is in an uptrend in its short -term outlook. The sustained bullish pressure pushes the cryptocurrency up during yesterday's session to $209.21 in the resistance area.
The journey down south begins as the 4-hourly market opens today with a bearish inverted pin bar candle at $206.59 in the support area.
Formation of the bullish inverted hammer at $212.10 in the resistance area is an indication of a trend reversal; hence bears return and drop the price down at $201.28 in the support.
Price is now below the two EMAs and the stochastic oscillator signal pointing down at around level 46% in the oversold region indicates a downward momentum in the price of Ethereum 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.