Technical analysis on Ethereum for May 26th, 2023.
Crypto-currencies
2023-05-26 12:28:17
Blue lines- bullish channel
Red line- resistance
Black line- bearish RSI divergence
Ethereum is trading around $1,815. Price continues to trade inside the medium-term upward sloping blue channel. Price is challenging the key lower channel support at $1,750-$1,790. As long as price respects the channel boundary, bulls will remain in control of the trend. In the near term price is making lower lows and lower highs since the $2,140 high. Resistance is shown by the red downward sloping trend line. Resistance is now at $1,865. Bulls need to break above this level in order to strengthen the bullish momentum. A break above $1,865 could push price higher towards $2,000. Ethereum is at a critical junction. Traders need to be very cautious.
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