Ethereum Price Analysis – May 16

  • If the downtrend continues, the asset will find support at $650.
  • In a downtrend, the resistance levels were created when the price pulled back and touched the trend line.

Ethereum, ETHUSD, CryptoCompare chart

ETHUSD Medium-term Trend: Bearish

Resistance: $720, $720, $700   

Support: $660, $670, $680   

Yesterday, May 15, the ETHUSD pair was ranging from the resistance level at $750 to the support level at $700. The MACD line and the signal line were above the zero line and it indicated a buy signal. The price bars were above the 12-day and the 26-day EMA indicating that the bullish trend was ongoing. Today, the Ethereum price fell below the support level but it was trading at $685.52 at the time of writing.

From the weekly chart, the asset is approaching the previous low of $671. If the downtrend continues, the asset will find support at $650. However, the MACD line and the signal line are now below the zero line indicating a sell signal. The price bars are below the 12-day and 26-day EMA, indicating that the bearish trend is ongoing.

ETHUSD Short-term trend: Bearish

Ethereum, ETHUSD, CryptoCompare chart

The daily chart shows Ethereum price in a bearish market. The asset is in a smooth downtrend and the price will make a series of lower highs and lower lows. A trend line is drawn showing the resistance levels where traders can place short trades. The resistance levels are created when the price pulled back and touched the trend line.

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