Ethereum on the Verge of a Breakout, Attempts to Breach $200 and $205 Resistances
May 16, 2020 at 12:07 //
News
Ethereum has been trading below the $200 resistance since the last bearish impulse. It has fallen to $180 low and the bulls have been struggling to push ETH above the previous highs.
After the last breakdown, buyers managed to push ETH to $205 high and it dropped below $200 resistance. The recent fall can mean that the crypto lacks buying at higher price levels.
There is a certainty that Ethereum can achieve an upward move to retest the $227 resistance. Perhaps, the possible way is for the bulls to break through the resistance of $200 and $205. This will accelerate the price movement to retest or break the overhead resistance. On May 13, Ether rebounded at $190 low, and broke through the resistance at $200 but was resisted at $205. The resistance has compelled the crypto to drop below $200.
Ethereum indicator analysis
The bulls are still struggling to break above the support line and the EMAs. The upward move can be sustained if price breaks above the EMAs and the momentum are sustained. The market is above the 40 % range of the daily stochastic, indicating a possible bullish movement.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
The upward price movement is now dependent upon the breaking of the resistant levels of $200 and $205. The sideways move below the resistance will continue if the bulls fail to breach the resistance levels. Ethereum will rise and retest the resistance at $227 if the bulls are successful above the resistances. However, if the bulls fail, the bears may sink ETH to $176 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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow