Ethereum is unrelenting as it continues to make a positive upward move. About 48 hours, ETH rebounded but failed to sustain above the $190 resistance.
Today, the bulls have broken through the resistance and it is approaching the high of $200. Certainly, the coin is likely to attain a high of $200 as earlier indicated.
However, there is a bearish signal as the market approaches the overbought region. Ethereum may face rejection if the market is overbought at $200. Meanwhile, price is retracing after testing the $195 resistance. Definitely, the uptrend will continue if price retraces to the next support at $190. Nevertheless, if the $190 supports cracks, ETH may drop to $175 low.
Ethereum rebounded twice in the last 48 hours. This has aided the biggest altcoin to be above 80% range of the daily stochastic. This suggests that the market is approaching the overbought region. It implies that Ethereum may face selling pressure if the coin is overbought.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is in an uptrend. The market is currently approaching the resistance line of the descending channel. ETH will continue the uptrend if the price breaks the resistance line and closes above it. In the meantime, the market may reach the overbought region, and Ether may face another round of selling pressure.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.