Ethereum (ETH) Breaks $140 Resistance, Resumes Upward Move

Ethereum (ETH) Breaks $140 Resistance, Resumes Upward Move

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

ETH/USD Long-term Trend: Ranging
Ethereum has made an impressive move as bulls break away from the range-bound zone of $120 and $140. The upward move is likely to continue if the bulls sustain the price above the range-bound zone.

Unfortunately, the bulls are facing resistance at the $155. On the upside, if the bulls break above $155, the price will rally above $200. The momentum can still extend to the next resistance at $240. Presently, the market is retracing after the resistance at $155. However, if the bulls continue to sustain the upward move, ETH will rise.

ETH/USD – Daily Chart

Daily Chart Indicators Reading:
Ethereum has risen to level 52 of the Relative Strength Index. This indicates that the coin is in the uptrend zone and above centerline 50. ETH has the chance of rising. The 21-day SMA and 50-day SMA are sloping horizontally.

ETH/USD Medium-term Trend: Bullish
On the 4 hour chart, ETH is in an uptrend. The price is making higher highs. A trend line is drawn showing support levels of the price . The price is approaching the high of $160. The resistance at $155 has been broken.

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 80% range of the daily stochastic. Ethereum is currently approaching the overbought region. Sellers may likely emerge.

General Outlook for ETH
Ethereum period of consolidation is over as the market makes an upward move. Expectantly, as the bulls break the $140 and $155 resistance, the market will reach its target price of $200. The stochastic is showing strong bullish momentum.

ETH Trade Signal
Instrument: ETHUSD
Order: Buy
Entry price: $155
Stop: $140
Target: $355

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.