Ethereum Is Strongly Facing another Rejection at $175

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.

Ethereum Indicator Analysis 

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

What Is the Next Direction for Ethereum? 

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.