Analysis of the price of Ethereum on May 7
After testing the key support at $160, Ethereum rebounded well.
The currency price has broken through the resistance levels of 165 US dollars, 168 US dollars and 170 US dollars in the process of rising.
Ethereum broke through the contraction triangle in the hourly price chart during the ascent, with resistance at $162.
Ethereum touched a weekly high of $180 and was well supported.
Ethereum price analysis
Yesterday, the Ethereum trend was relatively bleak, and the price of coins continued to fall and fell below $165. At the time of the $160, Ethereum met buyers and held the decline. As a result, Ethereum began to re-strength and broke through the resistance levels of $162 and $165. The currency price trend eventually changed, and Ethereum was above $165 and 100-hour SMA.
Ethereum broke through the contraction triangle in the hourly price chart during the ascent, with resistance at $162. Soon, Ethereum broke through the resistance levels of $165, $168 and $170. The currency price even broke through the resistance level of $175 and formed a new high this week around $180. At present, Ethereum is consolidating above $175. The first support is $175 and the last volatility of the 23.6% Fibonacci retracement (from a low of $160 to a high of $180). If the price falls, Ethereum may test $169.
Before the $169 level was a resistance level, it has now turned into a support level. The last volatility of the 50% Fibonacci retracement (from a low of $160 to a high of $180) is also around $169. If the price rises, the main resistance is around $180-$181. If the price closes above $180, Ethereum will continue to move towards $185 and $192.
As can be seen from the chart, Ethereum has a strong rise from the support of $160. Currently, the price trend is relatively positive and is likely to break through the resistance level of $180. Buyers will even lock their targets to $200 in the next few days. If the price falls, the main support is at $175, $170 and $169.
Technical indicator signal
MACD per hour – MACD is currently reducing its bullish slope
RSI per hour – RSI is currently well above 70, angle is bullish
Main support level – $169
Main resistance level – $180
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Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.