Ethereum cryptocurrency exchange rate (ETH) is adjusted after a sharp drop from $ 212 to $ 183. However, the price of the asset did not go beyond the bearish trend, so the coin should drop in price by $ 180 by May 21.
Key Points
- Ethereum overcame resistance at around $ 200, but will meet a powerful barrier at $ 205.
- A bull trend line has formed with support of around $ 195.
- The positive trend will continue only if the bulls break $ 205.
On May 10-11, ETH/USD began to be actively purchased in the range from $ 180 to $ 185, this area played the role of a key support zone. As a result, the value of Ethereum began to rise, and overcame resistance at $ 195. On May 14, ETH/USD reached $ 201, but could not resist above this zone and rebounded to $ 196.
On Thursday ETH/USD broke out the support at$ 185 and returned to its previous position in the $ 200 region. Now ETH is trading at 23.6% Fib level recorded during the pump pomp from $ 188 to $ 201. An uptrend line has formed on the chart with support at around $ 195. The nearest resistance barrier is located at $ 205.
How Will ETH/USD Change During The Week?
ETH/USD fell below the bullish trend line that arose on March 13 several times. The chart demonstrates that in this range there was an increased buying activity, which indicates that the bulls tried to defend the trend, and they succeeded. But for the development of the trend, it is necessary to break the line of the downward trend of April 30.
A triangle has formed on the chart with support around $ 190 and resistance at around $ 206. Most likely, until the intersection of the lines (May 20), the ETH rate will fluctuate in a narrowing range. The further movement of the coin will be known until next Wednesday. If the triangle is broken up, then it is worth waiting for a powerful upward movement. Otherwise, the asset will begin to fall rapidly. The bearish trend arose earlier and corresponds to the general mood in the market, so it should win.
Technical indicators:
- 4 hours MACD is in the bullish trend zone.
- 4 hours RSI is above 60 (in the neutral area).
- The main support level is $ 195.
- The main resistance level is $ 205.
- Nearest pivot points: $ 209 and $ 194.
Source: en.bit.news
