Ethereum (ETH) Price Analysis – May 13
Since early April, ETH/BTC plunged and followed a bearish sentiment up till this moment; revealing a strong selling control in the market. Inversely, the ETH/USD market has reversed the trend and followed a bullish sentiment for the past two weeks; breaking the $180 level and touching $200 a few hours ago.
Resistance levels: $210, $220
Support levels: $190, $180
After double-bottoming at the low level of the $150, Ethereum started to follow a higher high, higher low move which saw the token through the four weeks resistance now support level of $180. Three days ago, ETH surged above the rising channel before striking the ultimate bulls’ target of $200 – $210 area.
Now, ETH bulls have significantly sustained the market above the channel pattern. A few hours ago, the price action established a fresh price for the token near the $210. A double-top is revealed as the price could pullback to the $190 and possibly $180.
Since Ether reversed the trend, the 4-hours RSI has been revealing a positive move. More so, the 4-hours Stochastic RSI suggested that ETH is playing out bullish.
For the past four weeks, the Ethereum trend has been bearish on a medium-term outlook as the price of the token continues to fall. There’s no sign for a potential bullish move. following the heavy decline, the sellers have gained control of the market. As shown on the 4-hours Stochastic RSI, the market has reached an oversold condition.
For a bullish move, the closest resistance level to watch out for is 0.027BTC and 0.3BTC levels. If price continues to trend upward, we may see a positive move in the market. The bearish rally may be supported at 0.2BTC and beyond.
The 4-hours RSI has remained in a bearish trend since the price began to drop significantly. For now, ETH/BTC further maintains a bearish sentiment.
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