ETH/USD technical analysis May 29

29.05.2020 10:36:16

In two days, the price of Ethereum rose by almost 10%, breaking the key resistance level of $215. A successful close above $215 and a 100-hour moving average suggests the further growth of the ETH/USD pair. At the time of publication, the ETH/USD pair is trading around $219. The pair even peaked at $224,84 but failed to break higher. Now if the ETH/USD pair overcomes the level of $220, we will be able to see the further movement to the area of ​​$230.

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On the hourly chart of the ETH/USD pair, a bullish trend line is formed with support around the $212 mark. After the pair overcame the $205 mark, it is showing steady growth and with the passage of resistance levels, it is gaining momentum. The ETH/USD pair tested the Fibonacci retracement rate of 23.6% of recent growth from $204 to $ 224. In the current situation, the $215 level has become the closest support level for the ETH/USD pair; it is also a 50% Fibonacci correction level of recent growth from $204 to the $224 area.

Now, the main struggle is concentrated in the region of $220. Overcoming this level will open the way to the $230 and further to $240.

In case of an unsuccessful attempt to rise above $220, the correction is likely to start down to the support area of ​​$215- $ 212. In case of breakdown down this area, the price may come close to the support level of $210.