Today, Ethereum is still consolidating above $200 after facing rejection at $225. Its second attempt to move up was repelled at $216. The coin is fluctuating with a gradual downward move.
A further upward move will be dependent upon the bulls’ ability to defend the $200 support. The bears are very active at the higher price levels as buyers fail to push the price upward. Nonetheless, if the coin makes a sudden rebound above $210, Ether is likely to break $225 resistance. The momentum may continue to $250 and later extend to $280 price level. However, if the market fails to rebound, sellers may take advantage to break below $200 support. Perhaps, Ether will further depreciate to either $186 or $160 low.
Ether reached the overbought regions on three occasions in April. Each time the coin is overbought, sellers will emerge to push prices downward. In the meantime, price is below 80% range of the daily stochastic. Ethereum will resume the uptrend if the price breaks above the resistance line and closes above it.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum is trading close to the $200 support level. A breakdown can easily occur if the market continues fluctuations above the support. Traders should adjust their stop loss to $160 and make a gradual adjustment as the market rises.
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.