Ethereum price analysis on May 6

Key points

Ethereum has a downward revision, but is still above the key support of $156-$157.

If the price goes up, Ethereum will face several important resistance levels, such as $162 and $163.

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On the hourly price chart, there is a short-term downtrend channel with resistance at $163.

A further increase will occur if the pair must remain above the $156 support level.

Ethereum price analysis

Recently, Ethereum prices have seen a good rise and broke through $165. However, Ethereum did not hold the previous gains during the $170 climb and failed to break the resistance of $168-$169. Ethereine then fell and fell below the $165 and $163 levels. Soon after, the price even fell below the $160 and 100-hour simple moving average. However, prices have encountered a large number of buyers in the range of $156-$157.

Subsequently, Ethereum rose to $162 and the last 23.6% Fibonacci retracement (from a high of $169 to a low of $157). The signs of recovery are very clear, but $163 is a strong resistance. The price is also at the same time as the 50% Fibonacci retracement of the last decline (from a high of $169 to a low of $157). Therefore, Ethereum is lower again, but above the support level of $156-$157. If the buyer fails to hold the support level of $157, the price may fall further.

The next major support is around $155. If Ethereum falls below this price, the price will move towards $150. On the other hand, if the price rises, Ethereum must break through the resistance level of $163 to start a new round of gains. On the hourly price chart, there is a short-term downtrend channel with resistance at $163.

As you can see from the chart, Ethereum may have a period of range fluctuations above $157 before the next step. As long as bitcoin prices continue to rise, Ethereum will have a chance to be boosted. If Ethereum falls below $155, it may put a lot of pressure on the bulls in the short term.

Technical indicator signal

MACD per hour – MACD is currently in a bearish range

RSI per hour – RSI has recently fallen below 50, but remains above 40

Main support level – $157

Main resistance level – $163

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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