Ethereum Price Analysis: ETH/USD drifts towards the lower boundary of the recent consolidation range

By May 21, 2020Ethereum
Click here to view original web page at
  • ETH/USD is moving inside a wide range with a bearish bias.
  • The critical support is created by the lowest level since May 11.

Ethereum (ETH) is changing hands at $206.50. The coin has recovered from the intraday low of $203.74; however, it is still 1.5% lower from the start of the day. ETH/USD has been moving in sync with the market that experienced a sharp sell-off on Wednesday, following the information that someone moved BTC mined in the first months of its existence. Ethereum’s daily trading volume has exceeded $12 billion, while its total market value reached $23.0 billion.

ETH/USD: Technical picture

On the intraday charts, ETH/USD is now supported by 1-hour SMA200 at $205.00, followed by the intraday low of $203.74. If this area is cleared, the sell-off may be extended towards a psychological $200.00. The next critical support is created by $190.00 with daily SMA100 located on approach.

A sustainable move below this area will open up the way towards $186.00 (a confluence of daily SMA50 and the lower line of the daily Bollinger Band). ETH/USD bottomed at $176.19 on May 11, this level is likely to serve as a backstop in case of an extended sell-off. A downward-looking RSI on a daily chart implies that ETH may continue drifting lower within the current range.

On the upside, the Asian high ($211.53) creates the initial resistance reinforced by a combination of 1-hour SMA50 and SMA100. This barrier that separates the price from the extended recovery towards of $215.00-$216.00 area that served as an upper boundary of Wednesday’s consolidation channel. The next resistance comes at $220.00

ETH/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

The critical support is created by the lowest level since May 11.

Ethereum (ETH) is changing […]

Leave a Reply