Ethereum Starts Uptrend, Breaks above $200 Resistance

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 Indicator Analysis 

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

What Is the Next Move for Ethereum? 

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.