Ethereum (ETH) Breaches $175 Resistance, a Rally above $200 Possible


Key Resistance Levels: $225, $250, $275
Key Support Levels: $150, $125, $100

ETH/USD Long-term Trend: Bearish
The bulls broke the overbought region as Ether reached a high of $190. The bears pulled back to $176 low as the market continues upward move. ETH is trading at $184 at the time of writing. On the upside, if price breaks the $190 resistance, the market will rally above $200 and reach the high $240. However, if the bulls fail to break the minor resistance at $190, the market will fall to a low of $180 and resume sideways move.

ETH/USD – Daily Chart

Chart Indicators Reading:
Ether has risen to level 61 of the Relative Strength Index. This indicates that the coin is in the uptrend zone and above centerline 50. It implies that the market may rise. The 21-day SMA and 50-day SMA are sloping upward.

ETH/USD Medium-term Trend: Bullish
On the 4 hour chart, ETH is in an uptrend. A trend line is drawn showing the support levels of price. The price will bounce once it tests the trend line. A break below the trend line implies that the upward move has been terminated.

ETH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and 50-day SMA are sloping upward indicating the upward move. ETH is above 60% range of the daily stochastic. It means that the market is in bullish momentum. The stochastic bands are attempting to make a U-turn, upward.

General Outlook for ETH
Ethereum is almost out of the downtrend zone as the market reaches the resistance at $190. The bulls were resisted at the recent high as Ether find support above the 21-day SMA. The market has moved up to a high of $184. An upward move is possible if the bulls break the resistance at $190.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.