Ethereum (ETH) Price Analysis (May 8)
• The Medium-term and the short-term are both in upward momentum, price now trades above the EMAs.
• Overall the bull seems to be in control above $215.
ETH/USD Medium-term Trend: Bullish
• Resistance levels : $220, $240, $260
• Support levels: $145, $135, $125
The cryptocurrency looks tasty for the bulls as it is in an uptrend in its medium-term outlook. The impulsive move by the bulls at $196.78 in the resistance area during yesterday’s session is resisted today as the bears resume to the market.
The daily session today opens at $212.24 in the support area as the bears return briefly to the market.
The momentum in price drops down to $206.77 in the support area as it journeys down south.
Price now trades above the two EMAs in the resistance area; an indication that the bulls are in the dominance of the cryptocurrency.
With the stochastic oscillator signal pointing downwards at around level 56%, it suggests the momentum in price may encounter a trend reversal and in this case a downtrend in the latter days in the medium-term.
ETH/USD Short-term Trend: Bullish
The cryptocurrency looks nice and is in a bullish trend in its short-term outlook.
The formation of a bullish inverted hammer candle at $212.24 and further rises to $217.12 in the resistance area as the 4-hourly session opens today is an indication of a trend reversal.
Hence bear’s brief turn up and drop the price down at $206.77.
The bulls come in a grand style and move the coin up at $210.50 in the resistance area slightly above the two EMAs. This implies the bulls are dictating the crypto market at the moment.
The stochastic oscillator signals down at level 75% in the overbought region imply the momentum in price of Ethereum may likely change in the days ahead 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.