Ethereum breaches key levels as the bulls reach a high of $196 and pull back. Ether has one more hurdle to jump over if the coin is to be out of the downtrend zone. The bulls have broken the resistance levels of $173 and $186. Recently, the market reached a high of $196 but the price retraced to the support above $188.
It is presumed that if the price breaks above the $197, Ethereum will rally above $200. If the bulls are successful Ether will be out of the downtrend zone. Conversely, if the bulls failed to scale over the last hurdle, Ether will be in a sideways move.
Ethereum is now trading above level 70 of the RSI period 14. The coin is almost trading in the overbought region of the market. It is doubtful if the coin will be able to rally above $200 as the bulls will be absent in the overbought region. Sellers will take control of the market and push ETH downward.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is continuing its upward move toward the $200 mark. The bulls have sustained hold above the $160 support level in the few days. Nonetheless, the pair is likely to fall as it is facing resistance and the market is overbought. The coin may retrace to the low of $173 or $186 if the selling pressure resumes.
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.