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Key Resistance Levels: $225, $250, $275
Key Support Levels: $150, $125, $100
ETH/USD Long-term Trend: Bullish
Ethereum has been on a downward correction after the breakdown on May 10. Buyers find penetration difficult at the $200 and $205 resistances. After the resistance at $205, ETH fell to $191 low. At the low of $195, ETH rebounded twice to break the resistance at $200 and $205. The market has moved up to retest the $227 resistance. On the upside, if the current momentum is sustained, the bulls will break the resistance at $227. The momentum will extend to $240 high. Conversely, if the momentum is not sustained, ETH will fall and find support above $205.
Chart Indicators Reading:
Presently, the bulls have broken above the support line and closed above it. This implies that Ether will continue the upward move. ETH is at level 61 of the Relative Strength Index period 14. This indicates that the bulls are in control.
ETH/USD Medium-term Trend: Bullish
On the 4 hour chart, the bulls broke the $205 resistance. For the past week, buyers have been finding penetration difficult at the $205 resistance. The bulls have broken the $205 and reach a high of $210. There was a pullback to $205 low before the resumption of the uptrend. ETH has risen and it is approaching the high of $217.
4-hour Chart Indicators Reading
The price has broken the downtrend line indicating that ETH is out of the downtrend Zone. ETH is above 80% range of the daily stochastic. This indicates that the market is in the overbought region. This is usually followed by the emergence of sellers. However, in a trending market, overbought or oversold conditions may not hold. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.
General Outlook for ETH
Ethereum is out of the bearish trend zone as price breaks the downtrend zone. The price is above the EMAs indicating upward move of the coin. Ether is considered to be overbought at $217. Sellers may likely emerge at the overbought regions.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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