ETH–USD daily chart

ETH–USD daily chart

Gate Trade Ethereum Saturday, May 16, 2020 708 0

Ether (ETH) climbed above the 20-day EMA ($197) on May 13 and reached the downtrend line on May 14. Although the bears are attempting to defend the downtrend line, the bulls have not given up much ground.

If the 2nd-ranked cryptocurrency on CoinMarketCap bounces off the 20-day EMA and breaks above the downtrend line, a rally to $227.097 is possible. This could present a buying opportunity for traders. However, if the ETH/USD pair breaks below the 20-day EMA and the support line of the ascending channel, a drop to $176.103 is likely. A break below this critical support can signal the start of a downtrend.