ETH /USD Medium-term Trend: Bullish
• Resistance Levels: $250, $260, $270
• Support Levels: $240, $230, $220
Yesterday, May 15, the price of Ethereum was in a bullish trend. Since on May 14, the crypto’s price was making a series of higher highs and higher lows. The market rose from its low at $216.50 to a high at $270 price level. From the chart, the market has retraced to the support of the bullish trend line.
If the price is holding at the support of the trend line, the crypto’s price will resume its bullish trend to retest the $270 price level. However, if the price breaks the trend line, it is likely that the selling pressure will resume. That is the price is likely to fall to another low at $226 price level. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
ETH/USD Short-term Trend: Bullish
On the 1-hour chart, the price of ETH was in a bullish trend zone. Yesterday, the ETH price was trading at $246.78 and the price level was sustained up till the $270 price level. Presently, the bulls tested the $270 resistance level and were resisted. The crypto’s price has broken the trend line and another bearish candlestick closing after it. Technically, the current trend is likely to have reversed. The coin is currently trading at $259.30 as at the time writing.
Source: bitcoinexchangeguide.com