Ethereum Price Analysis: Can This Moving Average Hold After ETH/USD Bounce From $210?

28 May, 2020 Updated 21 Jul, 2022

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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ETH/USD hit a snag short of $210 after extending gains from $200 on Wednesday.
ETH/USD could easily fall into the hands of the bears if the 100 SMA support is broken.

Ethereum is trying hard to hold above the 100 Simple Moving Average ($204.24) support after retreating from intraday highs around $209. From Monday this week, the main aim has been to keep the price above $200 except the breakout yesterday when ETH/USD broke above a key descending trendline.

In the meantime, ETH/USD is trading at $205 while holding above the aforementioned 100 SMA support in the hourly range. Ether’s downside is adorned with numerous support levels starting with the confluence at $203.88; formed by the 50 SMA and the 50% Fibonacci retracement level taken between the last swing high of $227.26 to a swing low of $179.84. Other key support areas include $200, $195, $190, and $175.

Technically, the trend continues to turn bearish, which could jeopardize Ether’s stability above $200. The Moving Average Convergence Divergence (MACD) features a bearish divergence, signaling the increasing selling action. On the positive side, the MACD is still holding the ground above the mean line (in the positive region). In other words, it is not over for the bulls and the journey to levels higher than $210 has potential.

ETH/USD 1-hour chart

The RSI had already dived under the average (50) but is now trying to reclaim its position above that same average. A sustained uptrend back into the overbought region should help buyers have faith in the uptrend. The main goal is to step above $210 and then shift the focus to higher targets such as $220 and $230.

Ethereum Intraday Levels

Spot rate: $205.82

Relative change: -2.33

Percentage change: -1.125%

Trend: Bearish

Volatility: Low

High: $209

Low: 204.59

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.