22 May Ethereum Technical Analysis: What’s Next for ETHUSD?

22 May Ethereum Technical Analysis

Bitcoin has been getting all the attention as it has doubled in value since early April 2019. The motility has shifted total market capitalization over $250 billion for the first time in ten months. This time, Ethereum has been a little slow to catch up the bullish traction as Bitcoin but it has finally done so and is now approaching a critical point. So, what is next for Ethereum?

In the last 1 Week, the price of ETHUSD has moved by $ 55.08 (26.97%) with a total volume of over $ 2.09 Billion. The highest price, $ 279.80, was on 16 May 2019 at 18:00 GMT, whilst the lowest price, $ 203.15, was on Wednesday, 15 May 2019 at 00:00 GMT. Following is the 22 May Ethereum Technical Analysis for short term trading.

Ethereum (ETHUSD) Technical Analysis

Ethereum price is currently trading in a positive momentum near the $260 daily resistance level. ETHUSD will most likely to test the $265 resistance zone in order to move towards $270 and $280 levels.

As per yesterday’s charts, Ethereum price declined sharply after testing the $265 resistance level. ETHUSD pair moved below $250 support level and also tested the $240 zone. However, the buyers were able to beat the bears this point and ETH jumped back above $240 level and the 100 hourly SMA.

Currently, ETHUSD is trading near the daily resistance zone, however, it is facing a very strong resistance around $265 and $270 which might lead to a fresh decline. ETHUSD pair could soon test $240 support level again, below which the momentum might turn bearish and price might test the $230 and $220 levels. Now, it is very essential for Ethereum price to break above $270 level in the short term in order to maintain the bullish momentum.

Ethereum Daily Resistance and Support

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 220.4 229.92 241.04 250.56 261.68 271.2 282.32
Fibonacci 229.92 237.8 242.68 250.56 258.44 263.32 271.2
Camarilla 246.47 248.37 250.26 250.56 254.04 255.93 257.83

Conclusion

The chart shows that ETHUSD price is currently struggling hard to gain momentum. If ETHUSD falls below $240 support level, it could decline towards $230- $200 mark in the short term. However, if the bulls are able to break above $270 level, there are chances that Ethereum price might target towards $280 and $290 levels.

Written by Amandeep Sonewane

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