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.

Mustapha Azeez

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Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

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