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Friday, May 5, 2023

ETHUSD Forecast

ETHUSD Forecast

Ethereum / U.S. dollar BITSTAMP:ETHUSD

ETHUSD is at a lower low of 2045.2, and what we see from the momentum RSI+ indicator is that price is bullish but not above the meddle line 50, but there is bullish pressure in there, as shown by the stochastic below for the current price.

So what needs to happen is: the price needs to form a higher low and higher high above the orange line to continue up, supported by indicators. That has not happened, and if it does, momentum will need to be strong enough against 2045.2.

If we consider 2045.2 as bearish pressure over 1808.6, then we need to see a lower high below 1808.6 for the price to continue on the downside. So interest is, of course, on the downside because the current momentum is not convincing for a strong HH. Longs right now may go above the candle high of May 3, but it would have been ideal if the bearish pressure was above the 50 RSI level.



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