Long-term (ETH) Value Forecast – May 18

  • On the upside, if the bears fail to break the 0.236 and the 0.382 retracement level, the bull will retest the $260 and $280 resistance levels.
  • On the downside, if the bears break the 0.236 and the 0.382 retracement level, the crypto’s price will resume a downward trend.

ETH/USD Long-term Trend: Bearish

  • Resistance Levels: $260, $280, $300
  • Support Levels: $240, $220, $200

On May 16, the recent surge in volatility led the ETH/USD pair to reach a high of $263.99. On May 17, the market had a slight retracement and tested the support of the 0.382 Fib.retracement level . Today, the ETH price is trading within the bullish continuation zone of the Fibonacci retracement level. On the upside, if the bears fail to break the 0.236 and the 0.382 retracement level, the bull will retest the $260 and $280 resistance levels.

On the downside, if the bears break the 0.236 and the 0.382 retracement levels, the crypto’s price will resume a downward trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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