Ethereum Will Rally above $240, Battles $200 Resistance

Ethereum continues its bullish run as it tests the $200 resistance. The uptrend has been symbolic as price makes a series of higher highs and higher low.

At each higher low, the market will rebound to make an upward move. Presently, the market is rebounding at $167 low and it is approaching a high of $200. At the moment, Ethereum is facing rejection at the $200 resistance. Buyers have not been able to push above the resistance. The market is currently trading above the resistance. Positively, Ether will rise and reach a high of $240, if the $200 resistance is breached. There is a likelihood of a downward move if the market reaches the overbought region.

Ethereum Indicator Analysis 

Ethereum is still above the 80% range of the daily stochastic. As the market is overbought we are awaiting the emergence of sellers to push prices downward. The EMAs are sloping upward to indicate the uptrend.

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

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

What Is the Next Direction for Ethereum? 

Ethereum has tested the $200 resistance but it is currently trading below it. It is the major hurdle to jump over. Ethereum will remain bullish as long as the price is above the 12-day EMA and the 26-day EMA. A downward move will ensue if price falls below the EMAs.

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.