ETH–USD daily chart

ETH–USD daily chart

Gate Trade Ethereum Thursday, May 21, 2020 1300 0

Ether (ETH) is in an uptrend. Though the up move stalled just below the minor resistance of $220 on May 18, the bulls have not given up much ground. This increases the possibility of a breakout and rally to $227.097.

Both the moving averages are sloping up and the RSI is close to 60 levels, which suggests that bulls have the upper hand. If the momentum can carry the 2nd-rankedcryptocurrency on CoinMarketCap above $227.097, a rally to the resistance line of the channel at $248 is possible.

Conversely, if the bears aggressively defend the $227.097 levels, the ETH/USD pair might correct to the 20-day EMA ($202). Hence, traders can watch the price action at this level and book partial profits on the long positions and trail the rest with a suitable stop-loss.

The first sign of weakness will be a break below the support line of the channel and a downtrend could start on a break below $176.103.