Ethereum is making another move as it breaks over the $223 to attain a high of $230. The present uptrend has been neutralized as Ether was resisted. The uptrend could not be maintained by the bulls. ETH retraced back to the price at $223. Regrettably, if the bears succeed in breaking beneath $223, Ether will go down to the support at $197.
Nonetheless, if ETH falls to this low, an upward move is likely. If the price bounces back at the low of $197, the bulls will pick up momentum to reach the present key level at $235. All the same, if the uptrend is maintained over $235, Ether will be in a bullish trend zone.
The pair is trading over a 90% range of the daily stochastic. This indicates that ETH is in a strong bullish momentum. Besides, Ether is in the overbought area of the market.
The bears will be available to push ETH downward in this region. In the same vein, in the overbought region buying power has been exhausted. A downtrend of ETH is unavoidable.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
The pair is on the verge of a new trend. ETH has one hurdle, the $223, to jump over to be in the new trend. Ether has fallen beneath $223 and it is approaching $197 low. We wait for the market to go up. ETH will continue to rise as long as the price is over the EMAs.
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.