Ethereum Price Analysis – May 21

  • The price of the asset is above the 12-day EMA and 26-day EMA indicating that the bullish trend is ongoing.
  • If the price of Ethereum overcomes the resistance at $720, the asset will reach the highs at $760 and $800.

Ethereum, ETHUSD, CryptoCompare chart

ETHUSD Medium-term Trend: Bullish

Resistance: $725, $720, $715    

Support: $685, $690, $695   

Last week, Ethereum was in a bearish trend. The asset traded and fell from a high of $723.67 to $678.03. I was of the opinion that if the downtrend continued and the price broke the support level at $650, Ethereum would fall to a low of $600.  Its MACD and signal line were below the zero mark, indicating that Ethereum had a sell signal last week. Meanwhile, the asset is trading at $710.01 at press time.

From the weekly chart, Ethereum has risen from last Friday's $672 to $713.39. The MACD and the signal line are above the zero mark, indicating a buy signal. The price of Ethereum is above the 12-day EMA and 26-day EMA, indicating that the bullish trend is ongoing.

However, if the price overcomes the resistance at $720, it will reach new highs at $760 and $800. if it holds on to the $720 level, it may move in a range bound movement.

ETHUSD Short-term trend: Bullish

Ethereum, ETHUSD, CryptoCompare chart

On the daily chart, Ethereum’s price is rising, but found resistance at $720. For the asset to continue its bullish movement, it must overcome it. Meanwhile, the MACD and the signal line are above the zero mark indicating a buy signal.                                              

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.