Today, Ethereum rebounded at the $150 low, as it approached the $175 resistance. It has earlier suffered rejection at the $175 resistance because Ether reached an overbought region of the market.
Before the emergence of sellers in the overbought region, the bulls found penetration difficult at the resistance. Eventually, the crypto slumped to $150 low. Surprisingly, the market has moved up to retest the $175 resistance.
The price is hovering above $170, as bulls continue to attempt the resistance. As the market rebounds, it breaks the minor resistances of $160 and $165. However, buyers were repelled at the retest of the resistance. The crypto will rally above $175 and reach $200 if the bulls are successful. Conversely, the bulls will be compelled to a sideways move if unsuccessful below the resistance.
The recent upward move has turned the bearish momentum to a bullish signal. The coin is above 50% range of the daily stochastic. This indicates bullish momentum. Today, the coin rebounded after testing the support line of the ascending channel.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is trading at $169 at the time of writing. The upward move is facing another difficulty after the retest. The market is falling after the resistance. Ether may retrace to the low of $160 before embarking on a fresh move.
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.