Ethereum Price Analysis: ETH Makes Sharp Rise, Faces $175 Resistance

Key Highlights

  • Ethereum has risen to $175 but faces resistance
  • Ether will rally above $200 if the resistance line is breached

Ethereum (ETH) Current Statistics

  • The current price: $169.62
  • Market Capitalization: $18,623,402,337
  • Trading Volume: $14,698,755,099
  • Major Resistance Zones: $175, $200, $225
  • Major Support Zones: $125, $100, $75

ETH Price Analysis April 09, 2020

Ethereum has moved up to a high of $175 after a rebound at the low above $140. Ether was earlier in a tight consolidation between $120 and $140. It faces rejection at $145 any time it rises above the range-bound zone. Nonetheless, with the recent rebound, The cryptocurrency is out of the range-bound zone. ETH is out of consolidation but faces resistance at $175.

This resistance is a historical price level of January which the market is testing to penetrate. In January, the price consolidated for about two weeks before resumption of the uptrend. Today, Ethereum is consolidating below $175 resistance. On the upside, if the bulls break above the current resistance, the pair is expected to rally above $200. Possibly, the current momentum will extend to a high of $240.

ETH/USD - Daily Chart

ETH/USD – Daily Chart

Ethereum Technical Indicators Reading

From the daily chart, Ether is above 80 % range of the daily stochastic. It indicates that the pair has reached the overbought region of the market. Sellers are likely to emerge in this region to push prices downward. It is also worthy to note that in exceptional cases the overbought condition will linger without sellers emerging to push prices downward. The market is also approaching the resistance line. ETH will resume the uptrend if price breaks and closes above the resistance.

Conclusion

The coin is currently out of the range-bound zone. It has resumed the upward move. The pair has one more hurdle to overcome to be out of the downtrend zone. The blue and red colored moving averages are making a U-turn indicating the uptrend.

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