Ethereum May Continue Upward Move despite Bear’s Resistance

Feb 01, 2020 at 13:58 // News
Coin Idol
Ethereum may continue upward move

ETH takes a bold step as the bulls arrive at a high of $186. Before this time, the coin has been fluctuating between $157 and $173. Buyers made two unsuccessful attempts to break the resistance at $173. Nevertheless, Ethereum has scaled through but faces another bottleneck at $186.

ETH retraces to the support above $180 while it continues its bullish move. Interestingly, Ethereum uptrend will be dependent upon the buyers’ ability to breach the resistance at $186 and $197. Possibly, the market will rally above $200, if the resistance is breached. Presently, Ether is trading above $180.

Ethereum Indicator Analysis 

ETH is over 80% of the daily stochastic range. This implies that Ether is in the overbought region of the market. In that case, buyers will not be available to push Ether upward. Rather, the coin may probably fall because of the emergence of sellers to push Ether downward.

ETH-CoinIdol (2).png

Key Resistance Zones: $220, $240, $260

Key Support Zones: $160, $140, $120

What Is the Next Move for Ethereum? 

Ether has shot up to $186 and found support above $180. Previously, ETH was range-bound between $157 and $173. Buyers are expected to initiate a move over the $180 support. A break over the $186 resistance will push the price over $197. Nevertheless, if the $180 cracks, ETH will fall to the earlier range-bound zone.

Disclaimer. This analysis and forecast are the personal opinions of the author 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.

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