ETH/USD technical analysis May 22

22.05.2020 10:30:14

At the end of May 21, Ethereum unexpectedly declined. The ETH/USD pair broke through the support levels of $205, $200, $192, and reached a minimum of $191. Nevertheless, the area 192-191 gives Ethereum enough support and does not allow it to fall below. In this area, bulls are stepping up and increasing buy orders.

This sharp decline in prices is explained by the growth in bitcoin sales, which led to the sale of altcoins. The ETH/USD pair also fell below 100 hour Moving Average. At the time of publication, the ETH/USD pair was able to recover and even rise above the $200 mark. At the time of publication, the ETH/USD pair is trading around $203.

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These price movements began to form a reversal pattern in the area of ​​a minimum of $192 on the hourly chart. As a result of this, a line with resistance around $202 was formed on the chart. At the time of publication, the ETH/USD pair was already able to break up this level. Thanks to this, she had a chance to continue moving to the area of ​​$210.

However, the ETH/USD pair should overcome an intermediate resistance of $204 to go higher. If the attempt to overcome $204 is unsuccessful, another decline may occur. In this case, the intermediate support level will be $195. The main support remains around $192. In case of breakdown of this level, ETH/USD may fall to the area of ​​$182.

The Relative Strength Index is forming above 50, signaling further growth of the ETH/USD pair.