Ethereum (ETH) Monday May 21st Updates: 4hr Technical Analysis

Ethereum price is trading above the 50 and 20 moving average right now, appears to have nicely broken the side-wards resistance line at 686 and retested and broke up since. Expecting an up move to the upside target at 755, where price action will hit a nice strong resistance zone and likely break down.

Price will go down after hitting resistance to one of two target levels. The first target level is 703 which coincides with consolidation support and moving average support (I expect 703 to be the approximate location of the 200 moving average after a few days have passed) and 626, which is the long term support zone . When we hit the support zone , I expect a break up again, with price going to the new highs.