- Ethereum is trading nearly $2,480 as it failed to travel beyond the $2,738 and 0.382 FIB levels.
- Momentum is weakened by stochastic RSI and MACD standards
- The price reaches support at $2,450, with traders waiting to see if it goes up or down to $2,300.
After recovering from the recent low, Ethereum is approaching a potential short-term breakout. Previously, stochastic RSI showed a clear shift that caused the market to go up and down. Momentum is currently under the acquisition zone, which could indicate the trend will continue for several more weeks.
#ethereum may still have more gas in the tank ⛽️
The weekly stochastic RSI suggests that there is still space before reaching extremely over-acquired territory, perhaps even a few more weeks. #eth pic.twitter.com/atcm93napo
– Crypto’s Tanto (@washirorairaira) May 17th,
A final turning point occurred as the stochastic RSI moved extremely and showed a change in trend. The current situation is similar to what was seen in the past before the trend switched. Ethereum prices are now nearing $2,486, and the movement is still increasing in strength. Analysts look closely at the assets to determine whether they accumulate and form another local top.
Oscillators are now increasing again. This follows the pattern seen in previous market rises. After dropping in April, Ethereum returned to about $2,486. Recent candle formation suggests resistance is being formed, and can lead to temporary pullbacks, like in a similar setup.
However, past observations show that Ethereum prices remain the same when the oscillator reaches this point or drops shortly thereafter. Take a close look at the quick hints that momentum is decreasing or trends may change, and traders will track their ETH as they approach this level again.
Short-term indicators show an increase in debilitating
Ethereum is currently trading at nearly $2,482 after a rapid increase earlier this month, reaching nearly $2,600. In early May, the assets made some profits, but now they are undergoing a period of consolidation. The 4-hour chart shows that the ETH formed a descending triangle, often representing slowing upward movement.
The price of the Ethereum is below the 20-EMA at $2,553 and is currently supported at $2,450 near the 50-EMA. The bollinger band is narrower, indicating that volatility can increase quickly. At this time, ETH is trading at $2,491.80. This pattern suggests that trends are changing over the short term. This decline was caused by traders who recently bought it as the price rose from $2,000 and are now looking to sell for profit.
Meanwhile, the RSI fell to 42.67 after peaking above 70 during the rally. However, the MACD line passes under the signal line and the histogram bar is currently red. Both indicators reflect the momentum of decline and the possibility of further revisions or integration in future sessions.
Weekly Resistance Zone Limits Price Movement
Currently, Ethereum is trading for $2,480. The price is under $2,579, representing the 0.382 Fibonacci zone. Failure to maintain the current level could result in a further drop in prices if the $2,450 short-term support collapses.
sauce: TradingView
Additionally, the weekly candle features a long upper core and a compact body, indicating that buyers are keeping the nearest resistance. Range High will remain strong for Ethereum for some time. As prices continue to drop, the next level of support will be $2,300.
Many traders closely monitor this price as it serves as technical resistance and previous area of activity. If Ethereum is above this level, it could mean that the bull signal is still intact. However, if prices drop too much, more people can sell and quickly weaken things.