Forecast for the Ethereum rate: the coin will rise in price to $ 216 by May 28

May 20 Ethereum cryptocurrency exchange rate (ETH)decreased by 3.7% and is now consolidating in the range below $ 210. However, the price of the coin did not go beyond the uptrend, so the asset should go up to $ 216 by May 28th.

Key points

At $ 210 there is a powerful resistance zone.

On the hourly chart, a downtrend line has formed with resistance at around $ 210.

The price of the asset will fall if the bulls do not break $ 210.

This week the Ethereum market is experiencing a flat. On Monday, the value of the coin was preamped to $ 216, however, on Wednesday, the virtual currency rate returned to its previous mark - $ 208. At the moment, ETH is trading at 23.6% of the Fibonacci level recorded during the price increase from $ 191 to $ 216.

Mark $ 208, which coincides with the average costEthereum in 100 hours, acts as a support zone. Breaking this barrier will provoke a rapid depreciation of the coin up to $ 200. An upward movement is only possible if the bulls break $ 210. This will open the way to the next support zone in the region of $ 216.

How will Ethereum value change in the medium term?

May 11, Ethereum began to actively buy afterof how the cryptocurrency price fell below the bullish trend line. In addition, on May 17 a cutting triangle was broken up. These facts indicate that the cost of ETH will rise in the medium term.

The digital asset rate fluctuates next to the lineupward trend, as a result, the value of the coin will decrease slightly - up to a maximum of $ 206. Most likely, the bears will not be able to break this barrier of support, and Ethereum will begin to rise in price. Judging by the schedule, on May 28, the price of a coin will be at least $ 216.

Over the past 12 days, ETH sales have been substantiallyexceeds the number of coins purchased. Because of this, an oversold situation arises in the market. This factor, together with the chart data, speaks in favor of a positive scenario. If the current bull run does not go beyond the bearish trend that arose in June 2019, then the maximum price of ETH will be $ 260.

Technical indicators:

The MACD indicator for 4 hours is in the bearish trend zone.

The 4-hour RSI is above 50 (in the neutral area).

The main support level is $ 205.

The main resistance level is $ 210.

Nearest pivot points: $ 210 and $ 197.