Ethereum (ETH) Holds Critical Support, Battles the Resistance at $286

Ethereum (ETH) Holds Critical Support, Battles the Resistance at $286

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

ETH/USD Long-term Trend: Bullish
In its recent moves, Ethereum reached a high of $286 on February 13. The bulls were unable to break the recent high as they make a retest. Ether was repelled on the second unsuccessful attempt. On each occasion, the bulls were resisted and the price fell to a low of either $238 or $250. The bulls are unrelenting as they make the third attempt.

Meanwhile, ETH is now fluctuating between $238 and $286 since February 13. At the moment, ETH is falling, if the $238 support is breached, ETH will fall to $200 low. Similarly, on the upside, if the bulls break the current resistance at $286, Ether will rise to $325.

ETH/USD – Daily Chart

Daily Chart Indicators Reading:
Ethereum is currently trading at level 63 of the daily Relative Strength Index. This indicates that ETH is in the uptrend zone. There is the likelihood of the coin to rise. The price is above the 21-day SMA and 50-day SMA indicating that the coin will rise.

ETH/USD Medium-term bias: Ranging
On the 4 hour chart, the uptrend has turned to a sideways trend. The bulls are faced with the resistance at $286. On the chart, the bulls have tested the resistance on two occasions without breaking it. However, on each occasion, the price will fall to the support of $250.

ETH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and 50-day SMA are sloping horizontally indicating that the coin is in a sideways trend. Ether is below 80% range of the daily stochastic indicating that the coin is in a bullish trend. Meanwhile, the stochastic bands are making a U-turn indicating that the coin will soon be in a bullish trend.

General Outlook for ETH
Undoubtedly, Ethereum will resume its upward move if the current resistance is breached. Despite the current price falls, the bulls are at an advantage over the bears. Ether will overcome the current resistance if more buyers are introduced  at a higher price level,

ETH Trade Signal
Instrument: ETHUSD
Order: Buy
Entry price: $270
Stop: $200
Target: $320

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.