Ethereum Price Analysis – May 24




ETHUSD Medium-term Trend: Bearish

Resistance: $620, $610, $600    

Support: $560, $570, $580   

Yesterday, May 23, the ETHUSD pair entered the second day of its downtrend. Ethereum’s price broke the support level at $660. The MACD line and the signal line showed a sell signal, whereas the 12-day EMA and the 26-day EMA, which were above the price of Ethereum, indicated that the bearish trend was ongoing. Ethereum is currently trading at $577.10. Today, the price of Ethereum has entered the third day of its bearish trend.

Ethereum fell to a low of $570, in which the bears were resisted twice as the price was ranging at that level. If that level is resisted on more than three occasions, it becomes a strong support and the price may likely hold. However, if the downtrend continues, the asset may fall to a low of $500. The MACD line and the signal line are still below the zero-line, indicating a sell signal.

The 12-day EMA and the 26-day EMA, which are above the price of Ethereum, are indicating that a bearish trend is ongoing

ETHUSD Short-term trend: Ranging

Ethereum, ETHUSD, CryptoCompare chart

On the daily chart, price of Ethereum fell from a high of $640 to a low of $570. The bears were resisted twice, and the asset went into a range bound movement.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.



Source link

Comments (No)

Leave a Reply

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.