Ethereum (ETHUSD) Price Forecast: May 9
The ETHUSD (ETHUSD) market is positive today and the bulls will push higher. The coin is now facing the upsides after a series of bearish moves. The correction phase is due to the inflow from the bulls. Therefore, if the buy investors should add more strength to their inflows in the market and closes above the $2142.85 supply value, then we can go for a clean buy position.
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)
Analyzing the chart above, we can see clearly that Ethereum‘s price is in a bullish market zone. The price currently trades above the two EMAs. This means that the coin is in an uptrend.
The drop in the coin price to the $1864.06 low value during yesterday’s session has no serious effect on the market as the price remains in an uptrend in its recent high.
Today, the current price level now trades at the $1929.60 supply level above the two EMAs on the daily chart. This is an indication of upward momentum in the context of the strength of the market. Thus, a possible breakout from the $2000.00 neckline will accelerate the buying momentum and push the prices higher to hit their previous high of $2142.85 resistance level.
In addition to that, the market value of ETHUSD is pointing up on the daily stochastic, this means a bullish continuation. From the look of it, it will keep growing and the $25000.00 high value and above might be the target in the days ahead in its long-term outlook.
ETH (USD) Medium-term Trend: Bullish (4H Chart)
Ethereum’s price is in a bullish market arena in its lower time frame. Further, the price is gathering momentum and also trades above the two EMAs.
The sustained bullish pressure at the $1909.71 supply value in the previous action has enabled the coin price to remain in an uptrend in its recent price level.
Just after a few minutes after the opening of the 4-hourly chart, the bulls triggered up the momentum to the $1929.60 resistance value above the moving averages. This will actually enable the pair to rise further.
However, the momentum indicator pointing upwards implies that the price action of ETHUSD is in an uptrend, it is now expected that the buy investors will push the coin up to a significant level above the key areas in the nearby days. In this case, the price might go higher to a $25000.00 high level in its medium-term time frame.
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