Ethereum (ETH) Is Rising , Can Bulls Break $200 Resistance?

Ethereum (ETH) Is Rising , Can Bulls Break $200 Resistance?

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

ETH/USD Long-term Trend: Bullish
Ethereum reaches a high of $200 but faces rejection. Currently, the market is fluctuating above $190 support. Before now, the coin has fallen to $170 low after being resisted at $190. Nonetheless, the bulls broke the resistance at $190 after a retest but fail to push above $200. Presently, the market is facing some bearish signals as it faces rejection at $200. On the upside, ETH will reach the $240 high, if $200 resistance is breached. Conversely, the market may fall, if the price reaches the overbought region.

ETH/USD – Daily Chart

Chart Indicators Reading:
Ether is rising as it reaches level 65 of the Relative Strength Index. This indicates that the coin is in the uptrend zone and above center line 50. The moving averages have bullish crossover as the 21-day SMA crosses above 50-day SMA.

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 bulls are still making an upward move as the $190 resistance was broken to reach a high of $200. ETH is trading below $200 after rejection.

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. The market is approaching the overbought region. This implies that sellers are likely to emerge to push price downward.

General Outlook for ETH
Ethereum has reached a high of $200 but faces rejection. There are some bearish signals which indicate that the market may fall. The upward move above $200, is doubtful as the market reaches the overbought region.

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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.