Bitcoin and Ether Market Update May 20, 2021

Bitcoin and Ether Market Update May 20, 2021

May 20, 2021

ETH/USD

The Ethereum Project token ETH was highly volatile on the last day of the previous week. It was moving up and down the zone between $3,860 and $3,340 before closing with a red candle at $3,580 – below the previous uptrend line, but still above the horizontal support.

The ether was 9 percent down for the seven-day period.

On Monday, the coin continued to move downwards and erased another 8 percent of its value, lost the 21-day EMA, and reached $3,280.

The overall market decline affected the previously unstoppable ETH bulls and they started losing ground. The mentioned $3,500 support turned into resistance, which is normal given the fact it was only tested once in the current run. The Tuesday session was not that good for buyers as they were rejected at the horizontal level and only managed to form a short green candle to $3,370.

The third day of the workweek came with a flash crash. The ETH/USDT pair dropped as low as $1,845, which corresponded to a 45 percent decline, but recovered in the latter part of the session, eventually closing at $2,455.

The coin is currently trading 8 percent higher after surpassing the $2,500 major horizontal level.

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