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Ethereum Price Analysis: ETH Could Be Headed for $235 Despite Recent Rally

Key Highlights

  • Ethereum‘s downward move may reach a low of $235
  • An upward move is hindered because the coin is overbought

Ethereum (ETH) Current Statistics

The current price: $258
Market Capitalization:$28,397,377,586
Trading Volume: $22,984,227,270
Major Resistance Zones: $175, $200, $225
Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis February 20, 2020

On February 14, Ethereum has taken a step further to reach a high of $286 in its upward move. Now for the past five days running ETH has remained in a range-bound movement below the recent high. The bulls find it difficult to push the price above $286.

Nonetheless, in the previous upward move, Ether has been rebounding in its upward movement. Ether bounced at a low of $190 to reach a high of $230.

Also, at a low of $220, the price reached a high of $270. Later, the bulls push the price to a high of $286, as ETH resumes the range-bound movement. In its range-bound move, ETH has formed a bearish double top. This is an indication that the previous trend is likely to reverse. Sellers may come in to take control of price.

ETH/USD – Daily Chart

Ethereum Technical Indicators Reading

Ether is currently trading at level 62 of the Relative Strength Index period 14 at the time of writing. The RSI period 14 was previously in the overbought region when ETH was at a high of $286. ETH has fallen, and the RSI is falling because the coin was already in the overbought region. In the region, buyers are not available to push the coin upward.

Conclusion

Ethereum reached a high of $286, but it is falling because the coin has reached the overbought region. Besides, the range-bound movement has a bearish double top pointing to a downward movement of the coin.

From its recent high, if the upward move is continuing, the next target of the bulls is $318 or $363. On the downside, the market is still falling, and if the fall is not interrupted, it may reach a low of $235.

 

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