Key Highlights
- Ethereum (ETH) rebounds to break $175 resistance
- The cryptocurrency is in an uptrend, targets $200 resistance
Ethereum (ETH) Current Statistics
- The current price:
- Market Capitalization:
- Trading Volume:
- Major Resistance Zones: $175, $200, $225
- Major Support Zones: $125, $100, $75
Ethereum (ETH) Price Analysis April 23
The largest altcoin by market cap has been making impressive bullish runs after it fell to $101 low. Last week the bulls could not break the resistance at $175 when it was overbought. The market fell to a low of $150. In a fresh uptrend, the price rebounded twice to eliminate the $175 resistance to reach a high of $190.
Unfortunately, the $190 resistance was another hurdle the bulls fail to jump over. Subsequently, the bears took advantage to push ETH to $167 low. Buyers are unrelenting as the market reached a high of $185 at the time of writing.
Yesterday, ETH rebounded to reach the high $183 but price retraced to $181 low. On the upside, a rebound at the low of $180 will propel price to break through the resistance at $190 and rally above $200. Certainly, the bulls will pick up momentum and push the price to the high $250. Given the fact that ETH may not be faced with major resistance before $250. Conversely, if the coin fails to rebound or breaks the resistance, ETH will be compelled to a sideways move between $170 and $190.
Ethereum Technical Indicators Reading
Ether was at level 22 of the Relative Strength Index when the coin was oversold. Today, the index has reached level 64 but later dropped to level 58. This indicates that the market is in an uptrend zone. On the downside, if the bulls fail to breach the $190 resistance, ETH will fall and resume a sideways move below the resistance.
Conclusion
Ethereum is in an uptrend approaching the resistance at $190. This will be the second time the bulls will be retesting the resistance level. This level is a historical price level of November but was first broken in February. Ethereum will rally above $200 if the bulls are successful above the resistance.
