The altcoins are awash as Ethereum takes another bold step to move up. It has been established that once the resistance at $197 is breached, the coin would rally above $200. The market is above $200, and there are chances of reaching the next resistance at $220. Unfortunately, the coin may face another resistance above the current price level. At this moment, if the price retraces to $192 or $188, ETH is likely to bounce back.
Expectantly, we should expect Ethereum to reach a high of $220. Interestingly, if the bulls performed this feat the pair will be out of the downtrend zone. Conversely, if the bulls fail to sustain the price above $200, the bears may break below $192 and $188 support levels. This will portend negatively for Ethereum.
Ethereum is trading above 80% of the daily stochastic. The stochastic bands are trending horizontally above the 80% range. The coin has found itself in the overbought region of the market. Buyers may not be on hand to push Ether upward. Instead, sellers will be on hand to push the coin downward. Undoubtedly, the coin may fall.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum was trading and it reached a high of $208 before it was resisted. In the interim, the coin is retracing because it is in the overbought region of the market. The coin has the chance to resume an upward move if it retraces to a low of $197. Nonetheless, if it retraces beyond $173, then selling pressure will resume. This will portend negatively in the current phase of the bull market.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.