In this Ethereum price analysis, the ETHUSD pair is expected to face resistance once it gets to $170. However, if ETH bulls are able to take it past that level, it may soon start testing the $200 level.
Ethereum Price Analysis
The price of Ethereum is in a bullish trend. The bulls were able to bring ETH to a high of $187.98 but they met resistance at the $184 level. As a result, Ethereum price dropped to the support at 12-day Exponential Moving Average (EMA). The price rose above the 12-day EMA, but again, it faced resistance at the $170 level.
Ethereum price is now declining to the $160 level where it has support. In the meantime, ETH is trading between that support and the $170 level, where it faces resistance. On the upside, if the bulls are able to break through it, the price may rise to $184 or even $200.
On the downside, if the bulls are unable to break through the $170 mark, the price of ETH is set to range close to its resistance. In the meantime, the Stochastic indicator is in the overbought region while below 60, which indicate a bearish trend.
ETHUSD Short-term Price Analysis
Looking at the 4-hour chart, the ETHUSD price is in bullish momentum. The pair has been making a series of higher highs and higher lows since April 15. Today, April 17, a Doji candlestick emerged which indicates that the buyers and sellers were indecisive about the direction of the market.
While ETH bulls currently in charge, the ongoing bullish trend is likely to be over soon as it is expected to reach the price level of $170 but may face resistance afterward. At the moment, the Stochastic Indicator is in the overbought region while above 80, indicating that the price of Ethereum is in a strong bullish trend and is a buy signal.
- Resistance Levels: $230, $240, $250
- Support Levels: $150, $140, $130
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.