Ethereum Price Analysis: ETH Fails to Sustain Uptrend, Further Selling Pressure Likely

Key Highlights

  • Ethereum battles minor resistance at $210
  • The uptrend resumption is possible if price rebounds at $200 low

Ethereum (ETH) Current Statistic

  • The current price: $206.49
  • Market Capitalization: $22,884,187,678
  • Trading Volume: $20,885,386,925
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis May 7, 2020

Today, Ethereum is retracing after being resisted at the $210 resistance. Buyers have failed to sustain the uptrend after the breakdown at the $227 overhead resistance. Since April 30, Ether has not traded above $227 resistance. This was as a result of the selling pressure at the overhead resistance. At first, the coin fell to $0.21 low after the first resistance at $227. The bulls made a downward correction to the high of $220, but the selling pressure continued. The coin revisited the $0.21 support. Again, the bulls are unrelenting as ETH was pushed to $210 high.

Buyers were repelled thrice at the $210 resistance as price retested resistance. In the meantime, the cryptocurrency is falling and approaching the critical support level. On the upside, if ETH retraces to $200 low, it might rebound which will catapult it to scale above the resistances. The momentum will extend to the $250 resistance. On the downside, if price retraces and breaks below $200, the market will drop to $168 low.

ETH/USD - Daily Chart

ETH/USD – Daily Chart

Ethereum Technical Indicators Reading

Since April 29, Ether reached the overbought region at $0.23500 high. In the same vein, ETH is above 90% range of the daily stochastic. This resulted in the emergence of sellers to push prices downward. The market has fallen and Ethereum is below 60% range of the daily stochastic, indicating a bearish momentum. However, this is contrary to the price action which indicates a bullish signal.

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