ETH/USD 1-day chart

ETH/USD 1-day chart

Gate Trade Ethereum Saturday, May 23, 2020 1136 0

Currently, the bulls are attempting to push the price back into the channel. If successful, a rally to the $220-$227.097 range is possible. The aggressive traders can wait for the price to sustain inside the channel before looking for buying opportunities.

If the bulls fail to sustain the 2nd-rankedcryptocurrency on CoinMarketCap inside the channel, the bears will make one more attempt to break below the trendline. If successful, a drop to $176.103 is possible.

A break below the trendline will signal an end to the uptrend. If $176.103 holds, the ETH/USD pair might remain range-bound for a few days.