Ethereum Rallies, Following Latest Breakout above $205 Resistance
May 18, 2020 at 10:01 //
News
Certainly, a retest or outright breaching of the $227 resistance is possible as buyers break the $205 resistance. At last, buyers did a clearance of the $200 and $205 resistances.
Initially, for the past week, buyers found penetration difficulty at the minor resistances. Consequent to this breakout, the price movement is likely to be accelerated as bulls target the $227 resistance. A rally above $227 overhead resistance is possible if buyers sustain the current momentum.
Eventually, if the $227 is broken, ETH will reach the $240 high. There may be consequences if buyers fail to continue the uptrend. Ether will fall and find support above $205. There is a likelihood of facing minor resistances at $210 or $220 in an attempt to initiate a new uptrend. Meanwhile, the biggest altcoin is trading at $214 at the time of writing.
Ethereum indicator analysis
The bulls have broken above the support line of the ascending channel. When price breaks and closes above the support line, the uptrend is likely to continue. In exceptional cases, a partial breakout may discontinue the uptrend. ETH is above 60% range of the daily stochastic indicating bullish momentum.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
After the break down on May 10, the hurdles at $200 and $205 have been jumped. For Ethereum to revisit the previous highs the current momentum has to be sustained. Besides, more buyers have to be introduced at higher price levels. The crypto will see more upsides if the price is continued above $205 support.
Disclaimer. This analysis and forecast are the personal opinions of the author 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