Ethereum (ETH) Price Analysis (May 7)
• The crypto seems to be facing more pressure from the bears.
• Price trades below $205 and might slide further below $80.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $260, $270, $280
• Support levels: $85, $75, $65
The momentum on the medium-term outlook is an uptrend as can be seen undeniably from the daily chart. The sustained bearish pressure pushed the cryptocurrency down during yesterday's session to $198.09 and closes at $198.96 in the support area.
The journey up north begins as the market opens today with a bullish candle at $198.94.
ETHUSD is up at $208.97 in the resistance area above the EMA-50, this suggests the bulls are making in-road to the market.
However, the stochastic oscillator signal pointing down at around level 49% in the oversold region indicates the price of the crypto may likely encounter a change in the future, in this case, a downward trend in the medium-term.
ETH/USD Short-term Trend: Bullish
The crypto remains in a bullish trend in its short-term perspective. The sustained bearish pressure further drops the cryptocurrency down at $198.09 in the support area before the close of the session yesterday.
The bulls return gradually with an initial increase in the price of ETHUSD to $198.94 in the resistance area as the 4-hourly session opens today.
The cryptocurrency rises to $208.97 in the resistance area and drops again due to the reactions from the bears to $204.10 in the support area.
Price is down initially at $204.06 around the two EMAs which are joined together.
An indication of buyers gradually losing momentum.
The stochastic oscillator signal is pointing up at around level 54% in the oversold region an indication of upward momentum in price in the short-term.
This implies the bulls may continue to dictate the market direction in the days ahead. 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.