Ethereum Price Analysis: ETH Faces Rejection at $270, Upward Move is Likely

Key Highlights

  • Ethereum has made 75% gains in its recent upward move
  • The pair is currently facing minor resistance

Ethereum (ETH) Current Statistics
The current price: $262
Market Capitalization: $28,823,742,846
Trading Volume: $25,218,350,750
Major Resistance Zones: $175, $200, $225
Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis February 13, 2020

In its upward move, Ether has been rebounding after the downward correction above $173. In the first positive move, ETH rebounded above $190, and the price reached a high of $230. The resistance at the previous high made ETH fall to the low above $220. The bulls are unrelenting as the price consolidated above $220.

Interestingly, on February 11, Ethereum has a rally as the price broke the $230 resistance and reached a high of $270. However, after the price spike, the bulls are finding it difficult to penetrate the minor resistance at $270.

Nonetheless, the price is expected to rally above $300, if the bulls successfully penetrate the minor resistance. On the downside, Ether may drop to a low of $240 because the coin appears to be overbought.

ETH/USD - Daily Chart

Ethereum Technical Indicators Reading

Ethereum is now trading above 95% range of the daily stochastic. This is to say that ETH is in the overbought region of the market. Undoubtedly, the pair is likely to fall in a matter of time. In the overbought territory, sellers will come in to push the coin downward. Buyers are not relevant in the overbought zone.

Conclusion

Undeniably, Ethereum is in an uptrend, though the upward move has been hampered. The bulls are still struggling to break above the resistance at $270. Meanwhile, the uptrend is ongoing as long as the price is above the 12-day EMA and the 26-day EMA. Selling pressure will only resume when the price is below the EMAs. We are expecting the coin to reach a high of $323, once the resistance at $270 is breached.


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