Ethereum (ETH) Price Analysis – May 24
Since Ethereum price reached its monthly peak on May 16, the second largest cryptocurrency has been falling as the market could not break away from the trend line support and resistance. In no time, the market could set a new price after a breakout which is close to an explosion.
Resistance levels: $270, $280
Support levels: $235, $220
Ethereum appeared rising again after rebounding from $231to the current trading price at $253 level. Considering the symmetrical triangle, ETH has reached a rejection level at the upper trend line. We can expect the price to bounce low to the $235 support, testing the lower trend line.
If the bounce low fails, the market may break to $270 and $280 resistances as the bull could resume the upward move. As of now, Ethereum is following a side-way movement. The recent price increase has been revealed on the 4- hours Stochastic RSI as it currently reaches the overbought condition. Selling pressure is likely to play out any moment from now.
On the RSI, the ETH/USD pair has resumed trading above the 50 level. Below the symmetrical triangle, the $220 support holds for the bears.
After the last week surge in volatility, a bullish flag pattern was carved for the ETH/ BTC market. The bears have actually been gaining control of the market. Currently, the selling momentum has reached a tight angle on the trend line.
Another surge in volatility is around the corner. The actual direction is yet unknown. With this pattern, an uptrend is most likely to play out for the token. If price eventually breaks upward, the potential resistance to watch out for is the 0.033BTC, 0.034BTC and 0.035BTC levels.
Inversely, the market may break low to the 0.03BTC, 0.029BTC and 0.028BTC levels. Nevertheless, ETH is still moving downward. As revealed on the RSI, the market is following a bearish scenario. The 4-hour Stochastic RSI suggested that Bitcoin is rising, which could reflect on the chart in the future.
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