Nexo

Start Earning Up to 16% Interest Automatically

Learn More
Home » Analysis » Ethereum Price Analysis ETH / USD: Preparing For Eruption

Ethereum Price Analysis ETH / USD: Preparing For Eruption

by

Ethereum is under short-term pressure that could potentially bring it below $200, but the medium-term shows $500 as possible target.

Ethereum price analysis May 21

Share this article

  • Ethereum has a bullish short-term trading bias, with the ETH / USD pair recovering higher after a brief technical pullback
  • The ETH / USD pair has a bullish medium-term bias and may target towards the $500.00 level
  • The daily time frame highlighting the $320.00 level as the next upside target

Ethereum / USD Short-term price analysis

Ethereum has a bullish short-term trading bias, with the cryptocurrency recovering higher after a brief technical correction back towards the $220.00 level.

The four-hour time frame shows that a bearish double-top pattern has formed, with the ETH / USD bulls now needing to move price above the $280.00 level to invalidate the bearish pattern.

Technical indicators across the four-hour time frame still have a slight bearish bias.

ETH USD H4 Chart May 21, powered by Trading ViewETH / USD H4 Chart by TradingView

Pattern Watch

Traders should note that sellers may target the $180.00 support level if the bearish double-top pattern is triggered.

Relative Strength Index

The RSI indicator on the four-hour time frame remains bullish, although bearish pressure is building.

MACD Indicator

The MACD indicator on the four-hour time frame is still turning lower and holds a slight downward bias.

Ethereum / USD Medium-term price analysis

Ethereum has a bullish medium-term trading bias, with the ETH / USD pair still trading well above its 200-day moving average on the daily time frame.

The daily time frame is showing that ETH / USD bulls are still maintaining price above the neckline of the recently created inverted head and shoulders pattern.

Technical indicators on the daily time frame appear overstretched and may need to correct from overbought conditions before the next upside rally can commence.

ETH Daily Chart May 21, powered by Trading ViewETH / USD Daily Chart by TradingView

Pattern Watch

Traders should note that the inverted head and shoulders pattern on the daily time frame shows the $320.00 and $500.00 levels as possible upside targets.

Relative Strength Index

The RSI Indicator on the daily time frame remains bullish, although it has moved into overbought territory.

MACD Indicator

The MACD indicator on the daily time frame is bullish, although the MACD signal line appears overstretched.

Conclusion

Ethereum bulls now need to invalidate the bearish double-top on the four-hour time frame to encourage fresh technical buying in the ETH / USD pair.

The medium-term prospects for Ethereum still appear extremely bullish, with the inverted head and shoulders pattern on the daily time pointing to the $320.00 and $500.00 levels as possible bullish targets.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.