Ethereum (ETH) Price Technical Analysis (May 7): Breakout of the $181 Resistance

Ethereum (ETH)trade is currently trading at around $176. The digital coin is in an uptrend and recently we saw it breaking the resistance level of $181, though it is currently trading below the resistance. Looking at the chart, we can see that the next resistance is at $196, while the earlier support was at $166.

Dow Theory

According to Dow Theory, ETH is currently situated in the public participation phase; during this phase, negative sentiment starts to dissipate. This phase tends not only to be the longest lasting, but also the one with the largest price movement. It is also the phase in which most technical and trend traders start to take long positions.

Moving Average

Taking 9 period moving averages (blue) with 21 period moving averages (red), a Bullish crossover is seen, with the price moving above the 21 period moving average and the 9 period moving average. The moving average is also acting as support.

Bollinger Bands

The price was moving between channel, but recently we saw the price breaking the upper limit of the channel with positive momentum indicating upward movement.


The virtual coin is currently trading at approximately $176, as current support is at $181 and resistance at $196. Moving averages show a bullish crossover, indicating an upward movement. Bollinger Bands also show a breakout with positive momentum, which indicates an upward price rally.

Therefore, long position can be taken by keeping support at around $181; also, swing trading can be done by keeping above-mentioned levels. It is suggested to stick to the stoploss as the breakout, which occurred recently, could be a false breakout. Te overall trend is bullish; $220 is the target using Fibonacci and other indicators for mid term trading.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 138.18 147.85 159.37 169.04 180.56 190.23 201.75
Fibonacci 147.85 155.94 160.95 169.04 177.13 182.14 190.23
Camarilla 165.07 167.02 168.96 169.04 172.84 174.78 176.73
Woodie’s 139.12 148.32 160.31 169.51 181.50 190.70 202.69

Technical Indicators

Name Value Action
RSI(14) 51.653 Neutral
STOCH(9,6) 74.788 Buy
STOCHRSI(14) 100.000 Overbought
MACD(12,26) -19.580 Sell
ADX(14) 31.579 Buy
Williams %R -3.984 Overbought
CCI(14) 139.5831 Buy
ATR(14) 23.1104 Less Volatility
Highs/Lows(14) 22.8259 Buy
Ultimate Oscillator 58.093 Buy
ROC 63.540 Buy
Bull/Bear Power(13) 39.1660 Buy

What do you think about the article?

trade Price Technical Analysis (May 7): Breakout of the $181 Resistance" data-post-img="">

Sharing Is Caring: