Ethereum (ETH) Price Analysis – May 11
In the last 24-hours of trading, Ethereum price has surged by 9.5% leading the bulls to $195 level after breaking the crucial $180. Currently, ETH market is trading at around $188 as the market cap worth $20 billion with a trading volume of $10.2 billion. With increasing volatility, the market may continue to rise.
Resistance levels: $200, $210
Support levels: $180, $170
Finally, Ethereum surpassed the important resistance of $180 level after remaining on a decline for over three weeks. Currently, the token has been revealed to be following a higher high, higher low pattern in a wedge.
Now that the market is above the $180 level, the next bullish move can be expected at around the legendary $200 resistance level and beyond. On the bearish sides, the sellers could be supported at the break level of $180. If the price breaks low, the $170 level lies for the sellers, where the wedge support lies.
Meanwhile, the 50 level of the 4-hours RSI has acted as solid support for the ETH market since the upward move started. As revealed on the 4-hours RSI, Ethereum is bullish on a medium-term outlook.
Despite surging 9.5%, ETH/BTC market still remained in a bearish trend with price action below the descending trend line. For over a month now, the sellers have been gaining control of the market dropping the price of the token to the low of the 0.0255BTC level before rising to 0.028 BTC level today.
In fact, the 4-hours MACD is revealed in the negative zone; following the long decline. The next key resistance for the buyers is 0.029BTC level. If the price furthers above the 0.3BTC level, we can expect a positive move for this market. Otherwise, the 0.026BTC level could provide support for the bears.
However, the 4-hours RSI is rising. Reaching the overbought zone may kick-start a bullish move for Ethereum.
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