Ethereum Breaks $175 Overbought Region, Surges Ahead
Apr 20, 2020 at 10:05 //
News
Buyers have successfully broken the knotty $175 resistance to reach a high of $190. However, this recent high fell short of the earlier suggested price of $200.
Price retraced to $180 support and resumed an upward movement. A break above $190 resistance will make ETH rally over $200.
The momentum extends to the $240 resistance level. Nonetheless, Ether will find penetration difficult between the levels of $200 and $220. Apparently, a breakthrough in these resistance levels will push Ether to a $240 price level. However, if the bulls fail to breach these levels, the crypto will be compelled to a sideways move.
Ethereum Indicator Analysis
As Ether is rising, the RSI has risen to level 60. It means that the crypto is rising and it is in an uptrend zone. ETH is above the centerline 50. Presently, price is above the EMAs which guarantee the uptrend. On the contrary, if the price is beneath the EMAs, ETH will be falling.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
Ether is a step closer to the uptrend zone. As long as the price is above the EMAs, Ether will continue to rise. Nevertheless, the crypto is testing a historical price level of November. ETH was in a period of consolidation before a downtrend.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow