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Ethereum Turns Down From $190 Overbought Region, Sellers Threaten to Short

#OhNoCrypto

Apr 23, 2020 at 10:52 //

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Ethereum buyers are approaching the $190 resistance again

Recently, Ethereum has been having an impressive run. Possibly a break above $200 will certainly take the altcoin out of the downtrend zone.

Today, buyers are approaching the $190 resistance again. Nonetheless, on April 18, the bulls had earlier tested the $190 price level but were resisted. At the high of $190, Ether was considered as being overbought as sellers appeared to push the ETH downward. 

We can see another upward move after falling to a low of $167. As price approaches the $190 resistance, a push above the resistance will compel ETH to rally above $200. We expect the momentum to extend to a high of $250. Conversely, if bulls turned down from the $190 resistance, the market will fall to $175 or $150 low.

Ethereum Indicator Analysis 

Initially, as the bulls reached a high of $190, Ether was above 91% range of the daily stochastic. This resulted in bearish momentum. The market fell to $167low and resumed an upward move. Today, the crypto is in a bullish momentum above the 40% range of the daily stochastic.

ETH-Coinidol_(16).png

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

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

What Is the Next Direction for Ethereum? 

Today, Ethereum upward move is hampered because of the resistance at $190. The market fell to $167 low after the first resistance. Meanwhile, the resistance at $190 is a historical price level in November. The bulls are currently finding penetration difficult at the resistance. Possibly, a breakout will push the price above the resistance.

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