May 23, 2020 at 11:52 // News
Ethereum’s bulls have one more hurdle to jump over before retesting or breaking the $227 overhead resistance. Buyers have the task to jump over the resistance at $215.
Yesterday, Ether suffered a heavy breakdown while attempting to break the resistance at $215. The market dropped to $192.50 low and the bulls responded immediately.
At the low of $197.50, ETH rebounded to reach a high of $210. Meanwhile, the bulls are currently struggling to breach the resistance at $215 which has been the major obstacle to price upward move. Another rebound can break through the resistance levels and retest the overhead resistance. Conversely, where the bulls fail to breach the current resistance, Ether will be compelled to a range-bound movement below the $215 resistance level.
Ethereum indicator analysis
The bears had earlier broken below the support line during the downtrend. Now it is a positive move as the bulls take possession to push above the support line. Meanwhile, the crypto is below 80% range of the daily stochastic which indicates a bearish momentum. This is contrary to the price action which indicates bullish signals.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
Ethereum is battling to clear the resistance at $215 to resume its upward move. In recent times, the bulls have more setbacks while attempting to break the $215 resistance. Meanwhile, ETH is recovering after a rebound at the previous low. The coin is facing another resistance while attempting to move up.
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.
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