May 7, 2020 / Analytics

Ethereum Price Analysis: ETH/USD Will Deep To $190

eth forecast

On May 7, the Ethereum cryptocurrency rate did not overcome the resistance at $ 210 and began to fall. Therefore, the coin should become cheaper by $ 190 by May 14th.

Key Points

  • The risk of decline persists as long as the asset price is in the range below $ 210.
  • A bearish trend line has formed with resistance at $ 210.
  • The key support area is located at around $ 197.

On May 6, the bulls broke through the $ 210 barrier and the ETH price reached $ 211. However, buyers failed to gain a foothold at this mark, as a result of which the virtual currency rate was adjusted. During the downward movement, the support zone at $ 202 was overcome, but the price of the coin bounced off the $ 197 barrier and rose sharply to $ 208.

Ethereum is now trading below the average price per 100 hours – $ 208. The strong resistance zone is at around $ 210, which coincides with 75.4% Fib recorded during the dump of the asset from $ 211 to $ 207. The nearest support zone is formed at the level of $ 202, however, a key barrier is fixed in the zone of $ 197.

What Level Will Ethereum Drop To?

The ETH rate fluctuates within a declining triangle, the upper border of which is formed by the bearish trend of April 30. Before the lines cross (May 9), the level of volatility should decrease: the upper limit is $ 207, and the lower limit is $ 199. The breakdown of these marks will mean an acceleration of the upward or downward movement.

ethusd

The dynamics of Ethereum value has not gone beyond the bullish trend that started on March 13. Theoretically, a coin could drop in price to $ 186 over the coming week. But in the medium term, with a high degree of probability, the Ethereum rate will grow to $ 264, which acts as a barrier to the resistance of the bearish trend that arose in June 2019.

If sellers overcome support around $ 197, then the ETH rate will drop to the next barrier – $ 186. In this case, ETH/USD will push off the barrier and rush up or break through the screen and decrease to at least $ 180.

Technical indicators:

  •  4 hours MACD is in the bearish trend zone.
  •  4 hours RSI is above 40 (in the neutral area).
  • The main support level is $ 197.
  • The main resistance level is $ 210.
  • Nearest pivot points: $ 209 and $ 194.

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