The crypto has been battling the resistance at $175 since April 7. ETH is overbought at $175 price level. Initially, when Ether was overbought, sellers appeared to push prices to $150 low.
Today, ETH is approaching the same price level. The implication is that a downward movement of prices may prevail if the market reaches that region.
It is worthy to note that in a trending market, an overbought or oversold condition may not hold. With the current momentum, if buyers push the crypto above the $175 resistance, ETH will rally above $200 and extend to $240 high. On the other hand, if the market remains below $175, Ether will decline.
The crypto is almost above the 80% range of the daily stochastic. That is it is approaching the overbought region. As usual, sellers are likely to appear to push prices down. Price is rising because it is above the EMAs. Similarly, the market will remain in an uptrend as long as the price is over the EMAs.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum's uptrend is dependent upon the bulls breaking the $175 resistance. Possibly, a rebound is possible at a low of $170. As the market approaches the overbought region, the momentum is likely to be stronger.
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.