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Ethereum Price Analysis: ETH Setting up Potential Supports; Attempts to Swing up to Possible Highs

Key Highlights

  • Ether (ETH) is in a bullish momentum, struggles to break resistance at $200 and $205
  • The cryptocurrency’s bulls’ failure risk breakdown to $185 or $195 lows

Ethereum (ETH) Current Statistics

  • The current price: $201.63
  • Market Capitalization: $22,365,051,705
  • Trading Volume: $20,289,711,344
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

ETH Price Analysis May 14, 2020

Since on May 10, the cryptocurrency has been on a downward correction after a breakdown. The biggest altcoin fell from the high of $215 to $180 low due to the failure of the bulls to breach the $220 resistance. After three days of a downward correction, Ether resumes upward movement. It has risen from its present low of $180 and it is approaching to break above $200. The bulls are targeting to breach the previous high of $220 which has remained unbroken since April 30.

ETH/USD - Daily Chart

ETH/USD – Daily Chart

To push above $220 resistance, the bulls must break the $200 and $205 resistances. This will hasten the price movement to the previous highs. A break above $220 resistance will push price above $240 resistance. ETH is likely to trade above $200 and if the bulls fail to break the resistance levels; the downtrend will resume. On the downside, Ethereum will fall and find support above $195. The downtrend will continue to $185 if the previous support cracks.

ETH Technical Indicators Reading

The support line of the channel is about to be broken by price. When price breaks above the support line and closes above it; it indicates an upward move of price. It also coincides with the resistance at $205 that will be broken to speed up price movement. ETH is presently above 40% range of the daily stochastic. It means that the market is in a bullish momentum.

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