Search Inside Bitcoins

Ethereum Trading: Above $250, ETH Bulls React to Price Action

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Ethereum (ETH) Price Analysis – May 21

As appeared on the medium-term trend, Ethereum markets are still positioned in the bullish territory, retracing to a trend line which has been a support for the market since the market move up. As of the time of writing, ETH price is trading at around $254 level.

ETH-USD Market

Key Levels:
Resistance levels: $280, $300
Support levels: $230, $210

After climbing to $280 a few days ago, the Ethereum price dropped to $230 before bouncing upward as trading remained below the $260 ever since. The blue diagonal trend line has supported the market all the way from $170 level.

ETHUSD-4H-Chart-May-21

Currently, ETH market is sitting on the blue line with choppy price action. The buyers are likely to push the market to a retest level around the $280 before deciding on a further high wave. The medium-term MACD revealed that the market is still in for bullish momentum.

A break down on the blue line could slump the market to $230 and $210 supports. Meanwhile, the 4-hours RSI confirmed ETH in a positive zone as well. A fall might send the token into a bearish zone.

ETH-BTC Market

At the moment, the Ethereum market is resting on the ascending yellow line after plunging from the 0.0347BTC. As a result of this, selling pressure was reflected in the market. The slope move was revealed on the 4-hours RSI as the market lies at the 50 level of the indicator, a sign of solid support.

ETHBTC-4H-Chart-May-21

If the sellers drive the market below the ascending yellow trend line, the RSI may drop below the 50 level which leads to a massive sell-off in the market. The 0.03BTC may hold the selling pressure. A possible swing high could drive the price to the 0.035 resistance level.

However, the 4-hours MACD has suggested the ETH market to remain in a positive area. Predicting the possible move for this market, ETH is more likely to follow a bullish rally.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Join Our Telegram channel to stay up to date on breaking news coverage

Read next