. Ethereum Price Forecast & Weekly Analysis - 11 May 2023

ETHEREUM LATEST NEWS PRICE FORECAST & WEEKLY ANALYSIS – 11 MAY 2023

ETHEREUM LATEST NEWS PRICE FORECAST & WEEKLY ANALYSIS – 11 MAY 2023

11 May 2023

ETHUSD TECHNICAL ANALYSIS: WEEKLY CHART

In the weekly chart, ETH/USD YR. T-BOND is trading in down channel.

ETH/USD is currently trading above 20&50 SMA.

RSI is in buying zone, which shows bullishness. Stochastic is suggesting down trend.

Its immediate support is at 1797.02 & the resistance is at 1923.69

The price of ETH/USD was rising until the trend changed, a bearish engulfing formed at the area of resistance, and the price began sliding. Currently, the price is trading at the support zone; if it breaks, more declines to the downside are expected.  

ETHUSD TECHNICAL ANALYSIS: DAILY CHART

In the daily chart, ETH/USD YR. T-BOND is trading in down channel.

ETH/USD is currently trading below all SMA.

RSI is in buying zone, which shows bullishness. Stochastic is suggesting downtrend.

Its immediate support is at 1802.72 & the resistance is at 1855.84

The price of ETH/USD was rising until the trend changed, a bearish engulfing formed at the area of resistance, and the price began sliding. Currently, the price is trading at the support zone; if it breaks, more declines to the downside are expected.

TRADE SUGGESTION: – SELL AT 1804.0, TAKE PROFIT AT 1765.6, SL AT, 1844.3