ETH to USD, 13th May: Ethereum Price Analysis, Going Back to $160?

Technical Indicators:

Support Levels: $178, $170, $160

Resistance Levels: $190, $195, $200, $210


Key Points:

  • Ethereum price moved over the $200 resistance level recently before starting to correct downwards.
  • The increased selling pressure moved ETH price back below $190 support level towards the $180 level.
  • A bullish pattern is currently being formed on the hourly chart with support at around $185.
  • ETH might test the $180 or even $170 support level again before starting a fresh upward move.


Ethereum Price Analysis:

SUMMARY: Ethereum price started to correct downwards following bitcoin. ETH is currently supported by $180 below which the price may test the $170 and $160 levels.


Ethereum price also surged following bitcoin this week, rising above $180 resistance level. ETH was also able to break above $190 and $195 resistance levels. Strong resistance was formed around $200 however, the bulls were also able to break above this level rising up to $208 and settling above the 100 hourly SMA. However, Ethereum price soon started to correct downwards and moved below $190 support level. ETH even moved below $185 support level, however, the support around $180 proved strong and Ethereum price started to move upwards after reaching up to $182.


Currently, Ethereum price is situated well above $180 support level and the 100 hourly SMA. The current resistance lies around $190 and $195 above which ETH might test the $200 and $210 levels again. However, it seems that ETH might correct downwards below $180 support level before a fresh rise can occur. Below $180 support level, ETH might test the $170 or even $160 levels in the short term.


A bullish pattern is also being formed on the hourly chart with the support at around $185. It is very essential for Ethereum price to stay above the 100 hourly SMA and $178 level in order to stay bullish.


ETH to USD Price Chart 13th May
ETH to USD Price Chart 13th May

The chart shows that Ethereum price is currently correcting downwards, however, it is currently supported by $180 and $178 support levels. As long as ETH stays above $178 level and the 100 hourly SMA, it will likely stay bullish and move towards $200 level. Below $178, the overall momentum might turn bearish and Ethereum price might test the $170 and $160 levels.



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