Ethereum Retouched $200 as Sellers Continue to Hold Position Against Bitcoin


Ethereum (ETH) Price Analysis – May 13

Since early April, ETH/BTC plunged and followed a bearish sentiment up till this moment; revealing a strong selling control in the market. Inversely, the ETH/USD market has reversed the trend and followed a bullish sentiment for the past two weeks; breaking the $180 level and touching $200 a few hours ago.

ETH/USD Market

Key Levels:
Resistance levels: $210, $220
Support levels: $190, $180

After double-bottoming at the low level of the $150, Ethereum started to follow a higher high, higher low move which saw the token through the four weeks resistance now support level of $180. Three days ago, ETH surged above the rising channel before striking the ultimate bulls’ target of $200 – $210 area.

ETHUSD, 4-hours Chart – May 13

Now, ETH bulls have significantly sustained the market above the channel pattern. A few hours ago, the price action established a fresh price for the token near the $210. A double-top is revealed as the price could pullback to the $190 and possibly $180.

Since Ether reversed the trend, the 4-hours RSI has been revealing a positive move. More so, the 4-hours Stochastic RSI suggested that ETH is playing out bullish.

ETH/BTC Market

For the past four weeks, the Ethereum trend has been bearish on a medium-term outlook as the price of the token continues to fall. There’s no sign for a potential bullish move. following the heavy decline, the sellers have gained control of the market. As shown on the 4-hours Stochastic RSI, the market has reached an oversold condition.

ETHBTC, 4-hours Chart – May 13

For a bullish move, the closest resistance level to watch out for is 0.027BTC and 0.3BTC levels. If price continues to trend upward, we may see a positive move in the market. The bearish rally may be supported at 0.2BTC and beyond.

The 4-hours RSI has remained in a bearish trend since the price began to drop significantly. For now, ETH/BTC further maintains a bearish sentiment.

Please note: is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Azeez M. Mustapha

Azeez M. Mustapha

Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management.

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