Resistance levels: $289, $318, $351
Support levels: $258, $219, $191
ETH/USD Long-term Trend: Bullish
ETH/USD price is still on the bullish trend on the Long-term outlook. The Bulls were in control of the Ethereum market. The bullish trend topped the price at $268 level on May 16.
The Bears interrupted the uptrend and the price was pushed down to the level of $229. The momentum of both the Bears and the Bulls seems to be at equilibrium and the coin started a sideways movement for more than eight days within the range of $229 and $258 price level. On May 26, a bullish candle emerged that broke up the former supply level of $258.
Ethereum market was closed yesterday with a bullish candle on the daily chart; which connotes that there is a tendency for the ETH price to increase further.
The 21 period EMA and 50 periods EMA are well separated, and the coin is trading above the two EMAs; that is the bullish momentum is strong in the ETH market. However, the Relative strength index period 14 is at 70 levels with the signal line bending down to indicate sell signal.
Further increase in the Ethereum price is highly envisaged, in case the Bulls increase their pressure, the $289 price level may be reached but a pullback is inevitable in a trending market.
ETH/USD Short-term Trend: Ranging
ETH is ranging on the medium-term outlook. Ethereum was moving sideways within the price levels of $249 and $258 for more than one week. On May 26, the Bulls broke up the $258 level and the coin rallied towards the $289 price level. The Bulls’ momentum became weak and the price started consolidating above $258 level.
The 21-day EMA is above the 50 periods EMA and the ETH price is trading above the two EMAs with the distance between them which indicates a strong bullish trend. The Relative Strength Index period 14 is at 70 levels with the signal line flat horizontally at the level connotes that consolidation is ongoing in the market of Ethereum.