Ethereum (ETH) Makes Upward Move, Faces Rejection at $230

Ethereum (ETH) Makes Upward Move, Faces Rejection at $230

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

ETH/USD Long-term Trend: Bullish
Yesterday, Ethereum was in an uptrend and it reached a high of $230. Immediately, the bulls were resisted and the price fell to the low of $216. Incidentally, if the bulls succeeded in breaking above the $230 resistance and the price is sustained, Ether would have been out of the downtrend zone. Meanwhile, the ETH has retraced to the support of $223.

On the upside, if the support at $223 holds, the coin will retests the $230 resistance. If successful and the momentum is sustained, ETH will resume its uptrend. On the downside, if the current support fails to hold, Ethereum may fall to the next support at $197. However, if the selling pressure persists the market will reach a low of $190.

ETH/USD - Daily Chart

Daily Chart Indicators Reading:
The Relative Strength Index (RSI) period 14 levels 83 indicates that Ethereum is in the overbought region. The RSI indicates that the coin is likely to fall. Ether is seriously overbought. The initial fall may not have been exhausted.

ETH/USD Medium-term bias: Bullish
On the 4 hour chart, Ethereum is in an uptrend. It reaches a high of $230. Later it fell to the low of $216 and pullback. The price is trading at $223 at the time of writing.

ETH/USD - 4 Hour Chart

4-hour Chart Indicators Reading
Ethereum is presently trading above 80% range of the daily stochastic. The stochastic bands are making U-turn pointing downward. The implication is that ETH is in the overbought region of the market. The upward move of the coin is doubtful as the coin is overbought. Ether is likely to fall because of the presence of sellers. In this region, buyers are longer effective.

General Outlook for ETH
Ethereum is showing strength in uptrend. The bulls are making frantic efforts to break the next major resistance at $235. Presently the coin has retraced to the support of $223. The market is fluctuating above the current support.

ETH Trade Signal
Instrument: ETHUSD
Order: Buy
Entry price: $223
Stop: $190
Target: $235

Note: 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


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