In this Ethereum price analysis, ETHUSD remains supported above the $164 level and recently recovered. However, the crypto is still struggling to clear the $176 resistance levels.
On May 9, Ethereum (ETH) price was in a bearish trend as the price dropped to a low at $171 and later resumed an upward movement.
On Wednesday, it was assumed that if the bulls fail to hold the $176 support level, the bears might break the support pull the price down to the low at $168 level. At the moment, however, ETH price has broken the bearish trend line, which indicates that the bearish trend had reversed.
On the upside, if the bulls succeed in breaking the 12-day and the 26-day Exponential Moving Averages (EMAs), the price of Ethereum will retest or break the $188 resistance level. On the other hand, if the bulls are unable to break the EMAs, ETH price may fall to a low at $170 price level. In the meantime, the Moving Average Convergence Divergence (MACD) trend line and the signal line are both above the zero line to indicate a buy signal. Also, the price of ETH is above the EMAs which suggest that price is in a bullish trend zone.
As the 1-hour chart shows, ETHUSD price was in a bearish trend zone as the bulls were resisted on May 7 at the $192 price level which resulted in the price falling to a low at $174. Thereafter, the price of ETH rose and the bulls broke the 12-day and the 26-day EMAs. Again, the bulls were resisted at the $180 price level.
In the meantime, the MACD trend line and the signal line are below the zero line, which is an indication of a sell signal. Moreover, the price of ETHUSD is above the 12-day and the 26-day EMAs, suggesting that Ethereum price is in the bullish trend zone.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The Information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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