Ethereum (ETH) Price Analysis (May 6)
• The bears may have a temporal control but the overall outlook is bullish.
• Ethereum price now trades at the support area.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
Ethereum medium-term outlook still remains in a bullish trend zone. The bears made a progressive movement to the south with a touch at the 9-EMA. $201.28 in the support area is the low attain by the cryptocurrency on the 5th of May.
Today’s daily candle at $205.33 in the support area is on a bearish note. ETHUSD further drops to $202 in the support area below the EMA-9 as the bears took control of the market and the journey down south begins.
The stochastic oscillator signal pointing down at around level 60% indicates the momentum in the price of Ethereum is in a downward trend and may continue in that trend in the medium-term.
Hence, buyers’ relief.
ETH/USD Short-term Trend: Bullish
ETHUSD continues in a bullish trend in its short-term outlook. The sustained bullish pressure pushes the cryptocurrency further up at $205.93 during yesterday’s session. The bears return gradually with an initial drop to $201.28 in the support area before the end of yesterday’s session.
Today’s 4-hour bullish candle at $205.32 in the resistance area confirms the bulls' return.
The cryptocurrency is up initially at $208.77 above the two EMAs which are joined together.
This implies the bulls are gradually returning to the market.
The stochastic oscillator signal is pointing up at around level 60% in the overbought region is an indication of upward momentum in the price of Ethereum in the short-term.
This implies the bulls may continue to dictate market direction. Hence, buyers may take a 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.