Ethereum price (ETHUSD) forecast update - 23-05-2024

Ethereum (ETHUSD) Price Analysis

Expected Scenario

• Ethereum price (ETHUSD) shows more bullish bias to breach 3800.00$ barrier, reinforcing the expectations of rallying towards 3900.00$ followed by 4096.85$ levels as next main targets.
• Therefore, the bullish trend will remain valid and active for today unless the price breaks 3641.82$ and holds below it.

Expected Trading Range

Between 3670.00$ support and 3930.00$ resistance.

Bitcoin (BTCUSD) Price Analysis

Expected Scenario

• Bitcoin price (BTCUSD) still confined inside the falling wedge pattern that appears on the chart, waiting to breach 70370.00$ to get a positive motive that assists in pushing the price to resume the bullish wave, with its next target located at 73817.92$.
• Therefore, our bullish overview will remain valid for today, reminding you that it is important to hold above 69385.00$ to achieve the awaited targets.

Expected Trading Range

Between 68000.00$ support and 72000.00$ resistance.

Brent Oil Price Analysis

Expected Scenario

• Brent oil price provides positive trades now to approach testing the key resistance line 82.45$, and as long as the price is below this level, our bearish overview will remain valid for today.
• Supported by the negative pressure formed by the EMA50, which supports the continuation of the bearish wave within the bearish channel that appears on the chart, reminding you that our next main target reaches 80.08$.

Expected Trading Range

Between 80.00$ support and 82.80$ resistance.

Crude Oil Price Analysis

Expected Scenario

• Crude oil price trades with clear positivity to breach 77.64$ level and attempts to hold above it, which urges caution from the upcoming trading, as confirming the breach will push the price to achieve additional gains and visit 79.60$ before any new attempt to decline.
• On the other hand, the price needs to trade below 77.64$ again to revive the bearish trend scenario that its next main target located at 75.24$.

Expected Trading Range

Between 75.60$ support and 78.60$ resistance.