FX.co ★ Technical analysis on Ethereum for May 17th, 2023.

Blue lines- bullish channel

Black line- bearish RSI divergence

Ethereum is trading around $1,818, Technically short-term trend remains bearish as price is making lower lows and lower highs since the $2,140 highs. Medium-term trend remains bullish as price continues trading inside the blue upward sloping channel. So far price has been respecting the lower channel boundary and the higher low formed on May 12th and today are considered important short-term support levels. Short-term trend is expected to turn bullish again as price bounces off the lower channel boundary. As long as price holds above $1,740, we expect Ethereum to eventually start a new upward wave that will push price to new higher above $2,140. Short-term resistance is found at $1,830 and next at $2,020. The $2,020 resistance is the most important resistance level in the near term. Breaking above it will increase dramatically the chances of pushing higher above $2,140.