Key Highlights

  • Ethereum battles minor resistance at $210
  • The uptrend resumption is possible if price rebounds at $200 low

Ethereum (ETH) Current Statistic

  • The current price: $206.49
  • Market Capitalization: $22,884,187,678
  • Trading Volume: $20,885,386,925
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis May 7, 2020

Today, Ethereum is retracing after being resisted at the $210 resistance. Buyers have failed to sustain the uptrend after the breakdown at the $227 overhead resistance. Since April 30, Ether has not traded above $227 resistance. This was as a result of the selling pressure at the overhead resistance. At first, the coin fell to $0.21 low after the first resistance at $227. The bulls made a downward correction to the high of $220, but the selling pressure continued. The coin revisited the $0.21 support. Again, the bulls are unrelenting as ETH was pushed to $210 high.

Buyers were repelled thrice at the $210 resistance as price retested resistance. In the meantime, the cryptocurrency is falling and approaching the critical support level. On the upside, if ETH retraces to $200 low, it might rebound which will catapult it to scale above the resistances. The momentum will extend to the $250 resistance. On the downside, if price retraces and breaks below $200, the market will drop to $168 low.

ETH/USD - Daily Chart
ETH/USD – Daily Chart

Ethereum Technical Indicators Reading

Since April 29, Ether reached the overbought region at $0.23500 high. In the same vein, ETH is above 90% range of the daily stochastic. This resulted in the emergence of sellers to push prices downward. The market has fallen and Ethereum is below 60% range of the daily stochastic, indicating a bearish momentum. However, this is contrary to the price action which indicates a bullish signal.

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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