ADVERTISEMENT

ETH to USD, 17th May: Ethereum Price Analysis, About to Crash?

ADVERTISEMENT

Must Read

Bitcoin likely to return to $6,000 according to Wyckoff Logic

The price of the leading cryptocurrency failed to maintain an upward momentum when it crossed above $10,000 mark a...

Bitcoin futures are becoming popular among large investors: CME Group

The Chicago Mercantile Exchange (CME Group) operator has cited an increased interest of large investors in the bitcoin futures....

Tron teams up with a major Information Security Center to expand blockchain

Tron Foundation announced that they have teamed up with the information security center of State Key Laboratory of Networking...
Avatar
Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

Technical Indicators:

Support Level: $250, $230

Resistance Level: $270, $275

 

Key Points:

  • Ethereum price moved upwards to test the $280 resistance level before starting to correct downwards.
  • The sellers pushed the price below $270 and $260 support levels.
  • A bullish pattern is being formed on the hourly chart with the support at around $250.
  • It is very essential for Ethereum price to stay above $250 and $230 support levels in order to maintain its upward trend.

 

Ethereum Price Analysis:

SUMMARY: Ethereum price moved ahead and tested the $280 resistance and later started to correct downwards. ETH is currently supported at $250 and $230 levels.

After falling back to the $240 level, Ethereum price started to rise massively and broke above $250 and $260 resistance levels. ETH even broke above $270 resistance level and even tested the $280 resistance level and recorded a new yearly high at around $280 before starting to correct downwards. The bears pushed the price below $270 and $260 support levels. The $250 area acted as a decent support and stopped further losses.

 

Currently, ETH price is facing a lot of pressure around $270 which might push the price towards testing the $250 and even $230 support levels. There is currently a bullish pattern being formed on the hourly chart with the support at around $250. However, if ETH breaks below this level, it might start a downward momentum and move towards $230 below which the overall momentum might turn bearish. The $230 support and the 100 hourly SMA is a very crucial area for Ethereum price currently as a break below this level could turn ETH price towards $200 and even $180 levels.

 

ETH to USD Price Chart 17th may
ETH to USD Price Chart 17th May

The chart shows that Ethereum price is currently struggling to maintain its position above $250 and might soon move towards testing the $230 or even $200 level before it could start a fresh upward momentum. It is very essential for ETH to break and settle above $270 level in order to maintain the bull run.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

Leave a reply

Please enter your comment!
Please enter your name here

Latest News

Bitcoin likely to return to $6,000 according to Wyckoff Logic

The price of the leading cryptocurrency failed to maintain an upward momentum when it crossed above $10,000 mark a...

More Articles Like This