RATE Group | ETH/USD confronts heavy selling pressure at $215 and $220
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ETH/USD confronts heavy selling pressure at $215 and $220

18 May ETH/USD confronts heavy selling pressure at $215 and $220

Posted at 04:45h in Cryptocurrency News by

  • Ethereum breaks above descending channel support but the steam fizzles out at $215.
  • ETH/USD is in the hands of the bulls in spite of the stalling amid heightened resistance at $215.

The cryptocurrency market is in the green as the Asian session draws closer to the European session. Ethereum is among the biggest single-digit gainers having advanced 3.54% on the day. The second-largest cryptocurrency opened the session on Monday at $207 but now it’s exchanging hands at $214. Marginally from the prevailing market value, ETH/USD is facing the initial resistance at $215.

Looking at the 4-hour chart, the bulls have the controls and Ethereum is poised for more gains especially after breaking the descending channel resistance. The RSI is on the verge of entering the oversold region, which means buyers still have room for growth. The next hurdle lies at $220 and if broken, ETH/USD bulls would have the opportunity to focus on higher seller congestion zones at $230…

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