In this Ethereum price analysis, ETHUSD is poised for further gains as it is likely to retest or break the $280 overhead resistance if the bulls sustain the price above the $260 price level.
Ethereum Price Medium-Term Analysis
Last week, Ethereum (ETH) price traded in a sideways trend. ETH price traded below the $260 overhead resistance level. In retrospect, Ethereum bulls tested the $260 overhead resistance, however, the price dropped to the support of the 12-day and the 26-day Exponential Moving Averages (EMAs). On May 23, the bears broke below the EMAs after the overhead resistance to a low at the $230 price level. At the $230 support level, the bulls made an upward move above the EMAs.
Yesterday, May 26, ETH bulls were able to break the $260 overhead resistance which suggest that the bulls were in control. On the upside, Ethereum price is likely to retest or break the $280 overhead resistance if the bulls sustain the price above the $260 price level. On the downside, if the price of Ethereum price retraces and breaks below the $260 price level, the price will resume its range bound move.
ETHUSD Price Short-term Analysis
Looking at the 1-hour chart, ETHUSD price is in a bullish trend zone. In the previous week, ETH price was in a sideways trend as it was trading between the $245 and $255 levels. Yesterday, ETH price started rallying as the bulls reached the $272 price level.
Ethereum price is now hovering below the $272 resistance level as the bulls failed to break the resistance level. In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $270, $280, $290
- Support Levels: $260, $250, $240
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.