Ether (ETH) in a Downward Correction, Holds Critical Levels Amidst Sudden Downturn: Price Analysis


NordFX

Key Highlights

  • Ethereum is stuck below $215 resistance
  • The second-largest cryptocurrency will find support at either $185 or $200 if the downtrend persists

Ethereum (ETH) Current Statistics

  • The current price: $207.85
  • Market Capitalization: $23,074,751,569
  • Trading Volume: $12,710,101,777
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis May 21, 2020

In the previous article, Ethereum bulls were battling to clear the resistances of $200 and $205 for the resumption of the uptrend. The resistance levels were breached but the upward move was stuck below the $215 resistance. The bulls were unable to push the price above $215 resistance. There was a bearish reaction as the price action is showing bearish signals. The biggest altcoin is likely to decline and find support at either $200 or $185 if the bulls fail to overcome the $215 resistance.

ETH/USD - Daily Chart

ETH/USD – Daily Chart

Eventually, if buyers succeed in breaking $215 resistance, there is a likelihood of a rally above $227 resistance. The possibility of the momentum extending to $240 high is not farfetched. Nonetheless, buyers are facing selling pressure at the $215 resistance level as the market approaches the low of $205 support.

Ethereum Technical Indicators Reading

Ethereum appears to be above 80% range of the daily stochastic. The crypto is in the overbought region of the market. The stochastic bands are making a U-turn indicating a downward move. Sellers are expected to emerge at the overbought region to push prices downward.

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Author: Mustapha Azeez

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Author: Mustapha Azeez