Ethereum Bounces above $200 Support, Attempts to Retest $227 Resistance

Ethereum bulls are back above the critical support of $200 after the bears pushed price to a low of $196. Before now the bulls have earlier bought from the dips to push Ether to the previous highs. This propels the market to reach the $210 resistance.

The price tussle between the bulls and bears is ongoing as bulls are bent to break the resistance at $204 and $215 so as to push ETH above the $227 resistance. 

The upward move is facing an initial resistance at $210. Nonetheless, buyers have to break the resistance at $210 and $215 to retest the $227 resistance and move to the previous highs of $230 and $240. Failure to breach the resistances will compel the biggest altcoin to continue its sideways move below the resistance levels.

Ethereum indicator analysis 

The crypto has been on a downward move after the resistance at $215. ETH is above the 50% range of the daily stochastic meaning that it has bullish momentum. The bulls are struggling to break the EMAs which will propel prices to rise.

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

Key Support Zones: $160, $140, $120  

What is the next direction for Ethereum? 

Ethereum is likely to continue its upward move but it is currently battling the resistance at $210. However, if it overcomes the resistance levels of $210 and $215, there will be another battle at $227 resistance. The bears may not give up immediately but buyers may eventually prevail.

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.