Buyers have been overwhelmed by bears as they couldn’t move up after the attempt to revisit the $227 resistance. After it fell from the $227 resistance, the bulls made other attempts at the resistance but were resisted at $220.
Consequent upon that Ether is on a downward move approaching the $200 support. There could be a possible rebound above $200; this will probably be the answer to a breakthrough to the resistances of $220 and $227. The momentum can extend to $250 or $280 resistance. Conversely, if the coin fails to rebound and the bears break below $200, ETH will fall to $180 or $160 low.
Ethereum Indicator Analysis
Ethereum’s downward move has found support above the 12-day EMA. It is inexplicable whether the 12-day EMA is holding or not. An upward move is likely if the EMAs or $200 support holds. Nonetheless, ETH is at level 60 of the Relative Strength Index. This indicates that the coin is still in the uptrend zone.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
Ethereum is now trading above the critical support of $200. The bulls have turned down from the current price level of $227. The danger of falling or breaking below $200 support is very imminent. Traders should adjust their stop-loss orders to $160 low.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.