ETH/USD technical analysis May 21

21.05.2020 12:32:04

After the price of Ethereum could not rise above the $215 mark, it began to decline. The price of Ethereum is $206 and is showing bearish signs. It could not stay above the support level of $210 and 100 hour MA. As a result, the price can approach the psychological mark of $200 and test it. In case of successful testing, the ETH/USD pair may fall to the area of ​​$192.

If the ETH/USD pair closes the daily candle below $210, but above $200, then the level of $215 provides strong resistance, which the bulls can’t overcome. As a result, we will see trading within the range of $210- $200, in which the ETH/USD pair was trading on May 18.

ethusd-may-21.jpg

The Fibonacci retracement level of the 50% decline from $215 to $205 also acts as resistance.

The bulls still face the challenge of rising above $215. If they succeed, it is likely the continuation of the upward movement to the levels of 220 and 230 dollars.

In case of an unsuccessful attempt to rise above $215, we expect a decline. Immediate support for the ETH/USD pair is currently around $205. After the breakdown of this level, we will see the acceleration of movement in the region of $200. Any movement below this level will open the way for reaching $192.

Technical indicators indicate a decrease in the price of Ethereum. The RSI is moving well below 50. Therefore, you should pay attention to the $ 205 mark for further decisions.