Ethereum (ETHUSD) Price Forecast: May 20
Ethereum price is ascending to the $2500.00 supply level as the pair is facing an increase in buying pressure. The coin could continue to rise upward if it breaks up the $2142.85 resistance value and the daily candle closes above the mentioned resistance. The $2500.00 upper supply level might be the target.
Key Levels:
Resistance Levels: $1800.00 $1900.00, $2000.00
Support Levels: $1400.00, $1300.00, $1200.00
ETH (USD) Long-term Trend: Bullish (Daily Chart)
Ethereum price is in a bullish market at the moment. Further, the coin is trading slightly above the EMA-9.
The high impact by the bulls on the cryptocurrency at the $1833.25 resistance level in the past few days has made the coin price trade above the supply trend levels in its recent high.
The market value spikes up to the $1830.63 high level above the EMA-9 as the daily session begins today; this however indicates an uptrend in the momentum of the price of the Yen.
Increase momentum by the bulls moves the market price of ETHUSD further up to the $1831.22 resistance level as it journeys up north. A possible breakout from the mentioned supply level will provide a higher float for buyers and prolong the ongoing recovery.
Hence, more upsides are possible as indicated by the momentum indicator which is in an upward direction. This means that the price of Ethereum will remain in an ascending channel and a $2500.00 high level might be the target in the days ahead in its higher time frame.
ETH (USD) Medium-term Trend: Bullish (4H Chart)
The currency pair remains in an upside move. The bulls are still dominating the market at the moment in its medium-term outlook.
The successful push-up by the bulls to the $1833.76 supply value in the previous action has led the coin price to trade above the moving averages in its recent time.
The journey up north continues as the bulls caused a rise again to the price of Ethereum at the $1830.43 resistance value above the moving averages as the 4-hourly chart opens today. This indicates more active buying traders in the price flow.
However, with the daily stochastic pointing in an upward direction, this means the bulls may likely continue with the trend. Therefore, if buyers should intensify their tension in the market and the prices break above the $2125.00 resistance trend line, a bullish trend continuation to the overhead resistance of $2500.00 is possible soon in the medium-term perspective.
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