ETH/USD daily chart

ETH/USD daily chart

Gate Trade Ethereum Tuesday, May 19, 2020 1108 0

Ether (ETH) broke above the downtrend line on May 17, which presented a buying opportunity to the traders as suggested in the previous analysis. Currently, the bears are defending the midpoint of the ascending channel.

If the bulls can drive the 2nd-rankedcryptocurrency on CoinMarketCap above $220, a move to $227.097 and then to the resistance line of the channel at $245 is possible. A breakout of the channel will be a huge positive as it can result in a rally to $288.599.

Conversely, if the ETH/USD pair turns down from the current levels and breaks below the support line of the channel, a drop to $176.103 is likely. Below this level, the trend is likely to favor the bears.