- On May 23, the bullish ETH price analysis is at $2111.50.
- ETH’s bearish market price analysis for May 23, 2022, is $1899
- Ethereum’s MA shows a downward trend.
In Ethereum Perpetual Future (ETH) price analysis on May 23, 2022, we use price patterns, and the Moving Average of ETH to analyze the future movement of the cryptocurrency.
Perpetual contracts are derivative contracts similar to futures that have no expiration date or settlement, allowing them to be held or traded for an indefinite amount of time. They are gaining popularity in crypto because they allow traders to hold leveraged positions without the burden of an expiration date. Unlike futures, perpetual contracts trade close to the index price of the underlying asset due to perpetual funding rates.
A platform powered by blockchain technology is ethereum, well known for its native cryptocurrency called ether, ETH, or Ethereum. Blockchain technology creates distributed consensus about the state of the Ethereum network. New blocks are asses to the very long Ethereum blockchain to process Ethereum transactions and mint new ether coins or to execute smart contracts for Ethereum dApps.
Ethereum is used by tech giants and corporations to develop customized blockchain models. In the coming years, the increased use of Ethereum will lead the creators to switch from the proof-of-work to a new consensus algorithm.
Ethereum has been trending up over the last few weeks s anticipation build for its massive software upgrade. Investors and developers are calling it the merge and it’s expected to happen over the next few months. It will change how transactions on Ethereum are ordered, making it more efficient and sustainable for widespread use. But until that happens, crypto experts are waiting to see how investors and companies building their tech on Ethereum’s platform respond to the changes.
Ethereum (ETH) Price Analysis
ETH price analysis on May 23, 2022, is explained below with an hourly time frame.
The triangle pattern is formed at its widest point. As the market continues to trade in a sideways pattern, the range of trading narrows and the point of the triangle is formed. There are three types of triangle patterns, the ascending triangle pattern, the descending triangle pattern, and the symmetrical triangle pattern. The triangle pattern shows losing interest in an issue, from the buy-side and as well as sell-side. Triangles provide analytical insights into current conditions and give indicators of types of conditions that may be forthcoming. A triangle pattern occurs when the up and down movements of an asset’s price are confined to a smaller and smaller area over time. Triangle patterns are aptly named because the upper and lower trendline ultimately meets at the apex on the right side, forming a corner.
Currently, the price of ETH is $2075.23. If the pattern continues, the price of ETH might reach the resistance level of $2111.50 and the buy level of ETH is $2037. If the trend reverses, then the price of ETH may fall to $1899, and the sell level of ETH is 1937.50.
Ethereum (ETH) Moving Average
The ETH’s Moving Average (MA) is shown in the chart below.
Currently, ETH is in a bearish state. However, ETH lies above 50 MA (short-term). But ETH lies below 200 MA. Possibly, ETH can also move above 200 MA (long-term) soon. Once it moves above 50 MA and 200 MA levels, it completely goes to a bullish state. Moreover, there is a high possibility of a Trend reversal.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.