Technical Analysis for ETHUSD for 18th May 2022
Ethereum Bulls Have Strong Resistance at $2.2k
Past Performance of ETH
ETH prices are relatively stable, swinging, from a top-down analysis, in a bear formation pattern as per the candlestick arrangement in the daily chart. Even though traders are hopeful, expecting substantial recoveries, bulls should first shake off bears by closing above $2.2k in the immediate term. In that case, ETH may spring higher towards March 2022 highs.
Ethereum Technical Analysis
There are hints of strengths going by the formation in the daily chart. After sharp losses in the first two weeks of May, ETH prices stabilized before inching higher. However, the immediate resistance lies at $2.2k, marking May 12 highs. While traders may unload on dips, selling on every pullback, optimistic traders can wait for a clean break above $2.2k before loading and riding the rising tide. Preferably, the breakout should be with rising trading volumes confirming the losses of May 12 as climactic, marking the end of the bear run. On the reverse side, losses below $1.9k would pour cold water on bullish prospects as ETH snaps back to the dominant bear formation.
What to Expect from ETH
ETH bulls are confident, pinning their optimism on contrarian investor sentiment and other supportive fundamentals. Nonetheless, sellers will remain dominant as long as ETH is below $2.2k.
Resistance level to watch: $2.2k
Support level to watch: $1.9k
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