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Ethereum Reaches Overbought Region, May Face Selling Pressure

#OhNoCrypto

Jan 30, 2020 at 11:50 //

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Ethereum turned down from $173 resistance

In the last 24 hours, Ethereum turned down from the $173 resistance and failed to push the price to a high of $180 or $200. Unavoidably, the range-bound movement will continue between $157 and $173. Presently, Ether is falling from a high of $178. It may commence a downward move to the low of $160 where it bounced three days ago.

Sometimes where the bulls fail to act because of overwhelming selling pressure, the bears will take undue advantage and strike. It is unlikely for the bears to push the price downward beyond $157. Under the present dispensation, Ethereum is still trading in the bullish trend zone.  

Ethereum Indicator Analysis 

Despite the bull’s inability to move the price upward, the bulls have the upper hand over the bears. The bulls have successfully sustained the price above EMAs since January 6. This implies that ETH is rising. Nonetheless, ETH is trading above level 65 of the RSI period 14. Remember, RSI is above centerline 50 indicating that the pair has resumed the uptrend.

ETH-CoinIdol_(6).png

Key Resistance Zones: $220, $240, $260

Key Support Zones: $160, $140, $120

What Is the Next Move for Ethereum? 

Ethereum has resumed its range bound movement as the bulls fail to scale through the overhead resistance at $173. A breakout above $173 would have been a step forward to reach a high of $197 or $200. Market participants like traders will book their profits and trail their stop-loss orders. Unfailingly, there is a need for Ethereum to have more buyers at the lower price level to push prices upward.  

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