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ETH Price Needs To Pass $210 To Avoid A Major Downtrend

05/25/2020
eth price needs avoid major downtrend

The price of Ethereum failed to continue above the $210 resistance and recently declined against the US dollar. Now, the ETH price must stay above $195 and $192 to avoid a major downtrend. Currently, the ETH price needs to pass $210 in order to avoid a major downtrend, as it is still struggling to position itself near $203.

The price might start a decent recovery wave as long as it is above the $192 support zone. There is also a major bearish trend line forming with resistance near $205 on the hourly chart of ETH/USD. News show that the pair could avoid a significant decline if it breaks above $210.

Fans reading the latest Ethereum news should know that after two rejections near the $210 resistance, there is a lot of pressure that is building up for the biggest altcoin. Simply put, the ETH price needs to break he $210 resistance in order to stabilize and show the market that it is deemed to succeed.

ethereum eth hourly chart

The hourly chart of ETH/USD via TradingView.com

Additionally, a price surge above this mark would carry away a lot of problems for the Ethereum price. On the upside, we can see a strong resistance forming near the $205 level and the 100 hourly simple moving average – and a bearish trend line forming with resistance near $205 on the hourly chart of ETH/USD now.

The trend line is close to the 50% Fib retracement level of the recent decline from the $210 high to the $198 low. If we see an upside break above the $205 resistance, the price could make another attempt to clear $210 as its major resistance zone in the crypto news now.

And in case that happens and the bulls succeed in securing the $210 resistance, the ETH price needs to stabilize in order to avoid a major downtrend and it might continue to move higher towards $220 and $230.

If Ethereum (ETH) fails to clear the $205 and $210 resistance levels, the price of the coin could resume its decline. A break below $200 would spell more troubles for the ETH price, potentially positioning it below the $198 low. In this case, the price could also dive towards the $192 which is the most negative scenario now.

Technical Indicators for ETH:

  • Hourly MACD – The MACD for ETH/USD is preparing to move back into the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is currently correcting higher towards the 50 level.
  • Major Support Level – $198
  • Major Resistance Level – $205

 

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