Ethereum is nearing the proximity of its breakout point as it trades below the $140 overhead resistance. Recently, Ether has been trading in a tight range between $120 and $140. On March 20, the bulls succeeded in breaking the overhead resistance but faced stiff resistance at $140.
Immediately, the bulls were repelled as the market continued its consolidation within the price range. The bulls have an advantage over the bears as the market continues to trade below $140 resistance. On the upside, the bulls can easily push ETH above the overhead resistance. Ethereum is likely to rise to a high of $200 if the bulls are successful above the $140 resistance.
Ethereum Indicator Analysis
Ethereum has risen to level 43 of the Relative Strength Index. It indicates that the market is still in the downtrend zone and below the centerline 50. On March 12, Ether was at level 22 of RSI when it was oversold. Presently, the bulls are emerging to push ETH upward.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
Ethereum is nearing a possible breakout as it trades below the $240 overhead resistance. Undoubtedly, the pair is likely to have a bullish breakout as the bulls have made a concerted effort to break the overhead resistance. Yesterday, ETH rebounded to the high of $137 and resumed consolidation below $140 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.