Ethereum Technical Analysis —May 16th 2017
- ETH price after a exponential upside swing to $102 against the USD found bearish traders
- ETHUSD is currently supporting mid $90, and might be heading towards a support area over $100
- The most important support on the downside is near $85 where bulls might appear.
Ethereum price after a exponential upside swing towards the $102 level found sellers against the USD, and now ETHUSD is supporting mid $90.
It was an exponential upside ride for Ethereum this past 30 days; as it has climbed higher towards $102 against the USD. The price found bears near $100 and started dipping down. It looks like a support wave has started with a move around $85-$95. There is already a break below the 61.8% fib retracement level of the last wave from the $49.06 low to $96.56 high.
The next major support on the downside is near $78, as it coincides with the 50% fib retracement level of the last wave from the $49.06 low to $96.56 high. It is where the price might find buyers and get bids near $89. However, I would say that the price might find the best support near $95. It matches with the previous supports before the volume/price rise.