ETH technical analysis and ETH price forecast

Ethereum price key levels every crypto trader should watch. Interesting insights for swing traders and long term crypto investors as well.

Saturday, 11/05/2024 | 13:30 GMT-0

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Today's ETHUSD technical analysis and price forecast - May 14, 2024

Current Price: $2,918 at ticker MET - Micro Ether Futures on CME
Day's range so far: $2,895.5 / $2,967.5
Current trend for ETHUSD - On the medium/long term ETHUSD is still bearish as you can see in 3 charts blow on this page and see the critical green uptrend line that was previously breached. HOWEVER on the short term, ETH has created a higher low from yesterday's low and is legit for a reversal up AS IT STAYS ABOVE $2859
BEARS WILL GAIN CONTROL ONLY IF PRICE DROPS BELOW $2859

📈 Today's session VWAP on the Micro Ether Futures is 2932.2 - a very important price to watch today
📉 Yesterday's VWAP closed at a key price level of 2950.25 - a very important price to watch today and bulls will get an extra push if price conquers this price level today.
🔍 Indicators: Daily RSI at 39.8 (slightly oversold), and above yesterday's RSI, which is slightly bearish but not enough on its own.
2991.5 is yesteraday's value area high and if price crosses up this key level, bulls are ready to kick some butt.

📉 Test the March low: Look to see if the bulls can challenge the March 20th low of 3068.5. This could be a critical support level to watch.
🛡️ Protect the May low: It's crucial for bulls to maintain the price above the May low of 2825.5 to prevent further downside risks.

Current Price: $2,905
Daily High/Low: $2,935.5 / $2,886.4
Current trend for ETHUSD - bearish as long as ETHUSD is below the previous session's value area low (VAL of the volume profile) at $2934

📈 The market is still bearish, with the high of the day so far below the middle of the previous daily range.
📉 Bulls can regain control only if price goes over yesterday's VWAP and a tiny bit more - I suggest the line in the sand as $2968... Above that, there is a bullish shift.
🔍 Indicators: Daily RSI at 38 (slightly oversold), and still trending down (no sign of a rebound yet).
Next potential support zones to watch: $2,860-$2,872, the PoC and VAL of 01 May.
Lower support for ETH if the above does not hold: $2,765

Persistent bearish trend: Despite recent price movements, Ethereum (ETH) remains in a bearish trend in the longer timeframe as it continues to trade below the critical green uptrend line that was previously breached.
Importance of the green uptrend line: The green line, once serving as support, now acts as a key resistance level. A sustained move above this line is required to negate the bearish outlook.
Resistance and support levels: The bearish channel highlighted in red indicates ongoing resistance at the upper boundary and potential support at the lower boundary. Traders should monitor these levels for significant price interactions.
Strategic trading positions: Investors and traders should consider bearish biases as long as ETHUSD remains under the green line. Breakouts or pullbacks at this level could provide strategic trading opportunities.
Risk management: Given the volatility and the clear downtrend observed, maintaining strict risk management protocols is crucial to safeguard investments during uncertain price movements.
Long-term perspective: Long-term investors should remain cautious and await clearer signs of a trend reversal before considering strong buy positions.

📊 ALWAYS TRADE ETH and crypto at your own risk only. Visit ForexLive.com daily to get interesting insights for traders and investors.