Crypto Screener Forums Ethereum (ETH) Forecast – Technical Analysis Ethereum (ETH) Technical Analysis – May 2018

This topic contains 4 replies, has 2 voices, and was last updated by margincall margincall 9 months, 3 weeks ago.

  • Creator
    Topic
  • #17625
    margincall
    margincall
    Keymaster

    This is the thread for analysis on the Ethereum markets for the month of May 2018.

Viewing 4 replies - 1 through 4 (of 4 total)
  • Author
    Replies
  • #17705
    margincall
    margincall
    Keymaster

    Ethereum is still playing the bear game like I suggested in the previous report, we are now testing the short term support zone.

    ETHUSD forecast 28 May 2018

    As we can clearly see, $600 failed to act as support, $550 got tested and failed fairly quickly, confirming the current bearish trend the market finds itself in. The H&S candlestick pattern has now clearly broken to the bottom side and should the bulls stay shy of the arena we will see more selling action.

    In the markets momentum can change suddenly and go in either direction, like I mentioned in previous reports, picking bottoms should always be considered higher risk trading. At the moment both my indicators are confirming the bearish H&S pattern.

    I am looking at the $500 – $550 zone to see what happens, should prices fall below this I would imagine more buyers will be willing to step in at $400 a pop. Trading volume is low and I am not planning on opening any longs or shorts until we get some decent price action. Safe trades.

     

    #17678
    margincall
    margincall
    Keymaster

    Quick analysis on the Ethereum markets after another of healthy sell-offs for cryptos vs the US Dollar.

    ethusd forecast 24 May 2018

    Ethereum experienced a brutal beating from the bears after $660 – $700 failed as near term support. The indicators are confirming the bearish trend that is painted by the red candles on the chart.

    It is important to note that there was significant buying/selling volume around $550 – $650 and that could possibly signal a reversal in the market. However the bearish momentum is very strong right now and I would also advise traders to follow the trend.

    I will put short term support around $500 – $550 and will keep an eye on the market action on those levels before going long on the market. Higher risk traders could be looking to trade the bounce, or go short should above mentioned support levels fail.

    On the longer term it is important to note that support is around $380 and I would consider adding to long positions should we dip below above mentioned support and test the $400 zone.

    Lets take a quick look at the performance of Ethereum against the Bitcoin market.

    ethbtc forecast 24 May 2018

    Looking at the chart vs Bitcoin we can see that the Ethereum bulls got a bit beaten and prices only found support around 0.075 btc, but there is some decent volume and we have to keep an eye on the price action to determine the next course of action.

    Both indicators are confirming the bear trend on the shorter term, however the PPO indicator is showing us that there has been a change in momentum. This is the kind of setup higher risk traders might utilize when probing for bottoms in the market.

    The safer option would be to follow the trend, which for me personally has now turned bearish. I will look towards consolidation above 0.08 btc for the bullish action. Safe trades.

     

     

    #17662
    MrHanna
    MrHanna
    Moderator

    Ethereum is looking bullish against Bitcoin, lets take a closer look at the market.

    ethbtc forecast 20 May 2018

    The Ethereum market is experiencing a very strong bullish trend right now in my opinion. We can see higher highs and higher lows, and where the other markets started to dump Eth kept on going.

    With that said this is great buying momentum for any commercials to sell into and I will keep that in the back of my mind as the volume continues to dwindle. If we fail to consolidate above 0.084 going into the week, 0.083 will be the next line of defence.

    With all that said I am a bull on the Ethereum market, however I will put on my bear suite if my above mentioned support zones fail.

    Lets have a quick look at Ethereum versus the US Dollar.

    ethusd forecast 20 may 2018

    When we look at the Dollar chart we can see that Ethereum is still in sync with Bitcoin when it comes to the USD. This is a good example of a divergence between the two trading pairs and higher risk traders would like to bet that one should catch up with the other.

    All gambling talk aside, there seems to be a show of force from the bulls above $600, and the bears dropping off their bags above $700. Even though the market has been quite volatile in my opinion this is a good correction after the push to $830.

    What to look out for?

    At the moment near term support is around $660 and resistance is at $720. Volume is low so we will wait for the price action to show us the way.

    Like usual if support fails, expect lower prices, if resistance gets beaten, well, it might be the return of the bulls.

     

     

    #17626
    margincall
    margincall
    Keymaster

    Lets take a look at the Ethereum market versus the US Dollar.

    ethusd forecast 11 May 2018

    As you can clearly see there has been some decent selling price action this past week and there are some bearish signals emerging in the market.

    Even though we are still in bullish trend, lets take a look at the new developments in the market.

    The bears entered the market at $800 and smarter traders booked nice profits after some good gains since April.

    There are some bearish candlestick formations on the 4hr candle chart, as well as the fact that we have broken through our first bullish trend lines.

    I will wait to see what happens around the $700 price level going into the weekend, should it fail to act as support I will be keeping an eye at lower prices for possible long entries. I would put the medium term support in the $600 – $540 price range should the above mentioned level fail.

    This kind of price action is quite normal for the volatile crypto markets, there will be some corrections before consolidating higher. Safe trades.

     

Viewing 4 replies - 1 through 4 (of 4 total)

You must be logged in to reply to this topic.