Ethereum Price Analysis: ETH Pushes Above $200, May Face Selling Pressure
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Key Highlights
- Ethereum (ETH) has risen after the resistance at $197 was breached
- The pair resumes uptrend but faces resistance at a higher price level
Ethereum (ETH) Current Statistics
- The current price: $209
- Market Capitalization: $22,924,943,604
- Trading Volume: $16,072,578,401
- Major Resistance Zones: $175, $200, $225
- Major Support Zones: $125, $100, $75
Ethereum (ETH) Price Analysis Feb 6, 2020
On February 4, Ethereum (ETH) fell to the low of $188 and rebounded. The bulls break the resistance at $197 and rally above $200. This will be the first time the cryptocurrency will be trading above $200 since September. In retrospect, Ether has earlier been battling with a downward correction since August 2019. Previously, the coin was fluctuating between $157 and $173 before the $173 resistance was broken.
This brings to an end the earlier downward correction. Meanwhile, the bulls are above the $200 price level pushing the price higher. The pair is likely to reach the $220 resistance if the current momentum is sustained. Alternatively, if the bulls fail to sustain the price above $200, ETH may drop to a low of $197. However, if the selling pressure extends to the low of $173, it will signify negatively about the coin.
Ethereum Technical Indicators Reading
Ethereum (ETH) has risen to a high of $208. In the same vein, the Relative Strength Index period 14 has gone up to level 78. This explains that the cryptocurrency is in the overbought region of the daily RSI. The coin may begin to fall because buyers are not available to push it upward. In the overbought region, sellers are on hand as they push the coin downwards
Conclusion
Ether is starting an uptrend as it breaks above the $200 price level. The coin is likely to face another resistance as the coin pushes to a higher price level. Ethereum will battle the resistance at $220 and $240. Meanwhile, it is uncertain if the upward move will continue as the RSI is in the overbought region of the market. On the downside, if the current momentum drops the coin will fall to either $193 or $197.
Chart: Tradingview.com
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Mustapha Azeez
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.
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