Is Ethereum Taking Off? Technical Analysis May 23 2017

dragonsteem (42)in #ethereum • 7 years ago (edited)

taking off.jpg

Another crazy day for Ethereum! Huge sell off last night after ETH failed to breach $190, then someone decided to click the sell buttons nonstop with large orders from $160 all the way to $135 for an entire hour! As you can see the chart below that one huge red candle dropped the price to $135 support level. (Each candle represents 1 hour time frame)

But at $135, everyone decided to rush right in to push the price right back up about $155 and that buying spree took exactly a hour. A major tug of war for few more hours and the price of ETH settled down nicely above $150 support and then continued its move back up to test $170 again. Will ETH about to push through $190 and even $200 level on its 2nd attempt?

For active traders, please pay attention to these support and resistance levels, they help signal great entry and exit points!

Caution !

On the daily candle chart for ETH, the Bollinger bands screaming over bought! All the candles are poking out of the band. So will ETH take a rest consolidate few days sideways? Or will it continue to go higher and breaches through $200? The $190-$200 level is a major resistance and it will take a lot of bullish investors to push it through. One thing many Ethereum investors were complaining about was that all the major exchanges are having problems handling new traffics and were not able to verify new accounts and take deposits. And exchange sites like Coinbase, Krakan were crashing through out the day and no one can make trades nor deposit money. So if these exchanges can fix all the issues and investors/ traders can continue to buy ETH, it shouldn't have any problems popping over $200. But if these problems still roadblocking buyers, then ETH might have to consolidate sideways for few more days!