ETH/USD changes hands at $212.21, off the $215.84 intraday high. The second-largest digital asset is shifting in sync with the market within the medium-term bullish trend. The asset has stabilized from the $209.22 intraday low, but it seems to have been capped yet further uptrend. Bears attempt turnaround on ETH/USD to $200 after bulls failed to break the $217 barrier. The average volume of Ethereum’s trading surpassed $14.5 billion whilst its overall market cap hit $29 billion. During the first quarter of 2020 Ethereum (ETH) 2.0 entered the public testing. Schlesi, a Testnet designed to test Ethereum 2.0 in public, forked on Sunday 17 May. The stakeholders generally endorse the fork, since some bugs and problems are inevitable for Testnets. The inexplicable split occurred at slot 141,184 that culminated in the development of various independently validated slots.
*Bears attempt turnaround on ETH/USD to $200 after bulls failed to break the $217/$220 barrier
*The second-largest digital asset is shifting in sync with the market within the medium-term bullish trend
*The stakeholders generally endorse the fork, since some bugs and problems are inevitable for Testnets
Resistance Levels: $250, $230, $217
Support levels: $200, $190, $174.54
ETH/USD Daily Chart: Ranging
ETH/USD Daily Chart
Ethereum price briefly bounced out of a $210.00-level horizontal resistance line in a move to increasingly drive the rally started after ETH/USD plunged to $174.52 support in May. The bullish trend was relatively impressive when it bounced off the ascending trendline along the buyers’ confluence zone at the MA 200 region. The market reaction stretched beyond the critical threshold of $200 but ran out of steam just under $217.58.
The pair tends to stay excellently-supported on pullbacks, with a bullish medium to long-term bias in the second-largest cryptocurrency, while price trades beyond $200.00 level. Technical analysis suggests that the ETH/USD pair is still stuck in a broad market channel that is soaring. Traders should instead be conscious there is presently an increasing price channel between the $190.00 to $250.00 levels.
ETH/USD 4-Hour Chart: Ranging
ETH/USD 4-Hour Chart
At $215.84 level an intraday high was reached on the 4-hour time frame. On Tuesday (under Monday’s $216 high). It suggests sellers are becoming more optimistic and maybe in the short term regain more traction against the bulls. RSI signals beyond 50 imply that the bullish sentiments may hold sway with the initial resistance established by the intraday high at $217.00 outlook. Once it’s breached the emphasis would be on psychological $217/220 levels.
The ETH/USD pair may only stay bullish whilst trading just beyond the level of $200.00, the main resistance is seen at levels between $230.00 and $250.00. If the ETH/USD pair trades underneath the $200.00 level, sellers may test the support levels of $190.00 and $174.52. A breached ascending trendline positioned along this region may decelerate recovery; nevertheless, the rebound may begin to gain traction once it is not breached.
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