|Key Ethereum Resistance Levels:||$170, $180, $190|
|Key Ethereum Support Levels:||$160, $150, $140|
*Price at the time of writing
Ethereum Price Long-term Trend: Ranging
Since January 1, the price of Ethereum had been trading below the $160 resistance level before it was broken by the bulls on April 2. On April 8, the cryptos price had risen to a high at $181 price level but the bulls were resisted at the $181 resistance zone. The cryptos price fell to the support of the 26-day EMA to commence a range bound movement.
Whereas the 12-day EMA and the 26-day EMA were trending horizontally indicating a range bound movement. The price further depreciated to its low at $150 level. In the month of April, the ETH price fell to its low at $150 while at the same time it was facing resistance at the $190 level.
Today, the price has fallen to the support of the 12-day EMA. On the upside, if the bulls break the $190 resistance level, the cryptos price will rise to reach the previous high of $240 price level. On the other hand, if the bulls fail to break the $190 resistance level, the cryptos price will continue its range bound movement.
Meanwhile, the stochastic is in the overbought region but below the 60% range. This indicates that price is in a bearish momentum and a sell signal.
Ethereum Price Medium-term Trend: Bearish
On the 4-hour chart, the ETH price was in a downward trend. On May 7, the bulls were resisted and the bears broke below the EMAs to a low at $171.81 price level. The $171 support level was holding as the bulls initiated another bullish movement. The bullish trend was short lived as the bears broke the trend line.
The bullish trend is likely to be terminated if another bearish candlestick closes on the opposite of the trend line. Meanwhile, if the price continues its fall,it will reach the previous low at $168 or $172…