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Key Support Levels: $150, $125,$100
ETH/USD Long-term Trend: Bullish
Today, Ethereum made a bullish run and the coin reached a high of $197. Before this time, the bulls have successfully broken the resistance levels of $173 and $186 but are yet to break the resistance at $197. It was presumed that if the bulls break the resistance at $197, the coin will rally above $220.
Nonetheless, the pair is falling after testing the resistance at $197. The downward move may continue to the low of either $186 or $180 and then the coin will rebound.
Daily Chart Indicators Reading:
As the coin was rising, Ether is trading in the overbought region of the daily stochastic. In the overbought region, Ether’s upward move will be hindered as buyers will not be on hand to push ETH upward. In the overbought region, sellers will emerge to push the coin downward. At the moment, Ethereum is falling as a result of the overbought market condition.
ETH/USD Medium-term bias: Bullish
On the 4 hour chart, Ethereum is in an uptrend. A trend line is drawn showing the support level of price. Each time the market tests the trend line, the coin will bounce to the previous highs. On January 24, the last testing of the trend line resulted in a high of $197. The market is retracing after testing the resistance at $197.
4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are trending upward indicating the uptrend. The 21-day SMA provides support for Ethereum. The Relative Strength Index (RSI) period 14 level 61 indicates that ETH is in the uptrend zone.
General Outlook for ETH
Ethereum has made a serious positive move in the last two weeks. The coin has one resistance to overcome before rallying above the $200 price level. The coin is currently falling after being resisted at $197 price level. The upward movement will resume as soon as the price finds support at the $186 or $173.
ETH Trade Signal
Instrument: ETHUSD
Order: Buy
Entry price: $190
Stop: $170
Target: $220
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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