May 21, 2020 / Analytics

Ethereum Price Analysis: ETH/USD Will Reach $ 216

Ethereum analysis forecast

On May 20, the Ethereum cryptocurrency rate fell by 3.7%. Now ETH/USD is consolidating in the range below $ 210. However, Ethereum price did not go beyond the uptrend, so the asset should go up to $ 216 by May 28th.

Key Points

  • There is a strong resistance zone at $ 210.
  • A downtrend line has formed with resistance at around $ 210.
  • ETH/USD will drop if the bulls do not break $ 210.

This week the Ethereum market is flat. On Monday, ETH/USD was pumped to $ 216. However, on Wednesday, the virtual currency rate returned to its previous mark – $ 208. At the moment, ETH is trading at 23.6% Fib recorded during the price increase from $ 191 to $ 216.

The $ 208 mark, which coincides with the average cost of Ethereum for 100 hours, acts as a support zone. Breaking this barrier will provoke a rapid depreciation of the coin up to $ 200. An upward movement is only possible if the bulls break $ 210. This will open the way to the next support zone in the region of $ 216.

How Will ETH/USD Change In The Medium Term?

On May 11, Ethereum began to actively buy after the cryptocurrency price fell below the bullish trend line. In addition, on May 17 a cutting triangle was broken up. These facts indicate that the cost of ETH will rise in the medium term.

ethusd 21.05

The digital asset rate fluctuates next to the line of the upward trend, as a result of this the cost of the coin will decrease slightly – to a maximum of $ 206. Most likely, the bears will not be able to break this barrier of support, and Ethereum will begin to rise in price. Judging by the schedule, on May 28, the price of a coin will be at least $ 216.

Over the past 12 days, ETH sales have significantly exceeded the number of coins purchased. Because of this, an oversold situation arises in the market. This factor, together with the chart data, speaks in favor of a positive scenario. If the current bull run does not go beyond the bearish trend that arose in June 2019, then the maximum price of ETH will be $ 260.

Technical indicators:

  • 4 hours MACD is in the bearish trend zone.
  • 4 hours RSI is above 50 (in the neutral area).
  • The main support level is $ 205.
  • The main resistance level is $ 210.
  • Nearest pivot points: $ 210 and $ 197.

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