Ethereum Price Analysis: ETH/USD confronts heavy selling pressure at $215 and $220

By May 17, 2020Ethereum
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  • Ethereum breaks above descending channel support but the steam fizzles out at $215.
  • ETH/USD is in the hands of the bulls in spite of the stalling amid heightened resistance at $215.

The cryptocurrency market is in the green as the Asian session draws closer to the European session. Ethereum is among the biggest single-digit gainers having advanced 3.54% on the day. The second-largest cryptocurrency opened the session on Monday at $207 but now it’s exchanging hands at $214. Marginally from the prevailing market value, ETH/USD is facing the initial resistance at $215.

Looking at the 4-hour chart, the bulls have the controls and Ethereum is poised for more gains especially after breaking the descending channel resistance. The RSI is on the verge of entering the oversold region, which means buyers still have room for growth. The next hurdle lies at $220 and if broken, ETH/USD bulls would have the opportunity to focus on higher seller congestion zones at $230 and $250.

The bullish momentum is supported by the MACD as it seats comfortably above the mean line. Its bullish divergence is a ray of hope that buyers will continue to be in control in the short term. If a reversal comes into play, support is anticipated at $205, the 100 SMA, $200 the 50 SMA and $190.

ETH/USD 4-hour chart

ETH/USD price chart

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