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.
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.
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.
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.
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.
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