Analysis of the price of Ethereum on May 7

Key points

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.

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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

Author: Kiran
Remarks: Bitcoin86 manuscript article, please indicate the source. The article is an independent view of the author and does not represent the standing position.

Disclaimer: This article market analysis is for reference only and does not constitute any investment advice or advice. Risk control, thank you.

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