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Ethereum Price Analysis: ETH May Resume Uptrend despite Recent Retracement

Key Highlights

  • Ethereum may hold at the support of $220
  • Ethereum resumes upward move but may face resistance at $235

Ether (ETH) Current Statistics

The current price: $226
Market Capitalization: $24,867,859,050
Trading Volume: $28,619,731,263
Major Resistance Zones: $175, $200, $225
Major Support Zones: $125, $100, $75

Ethereum (ETH) Price Analysis February 27, 2020

Since February 14, the bulls were unable to push Ethereum above the $286 overhead resistance. On each attempt at the resistance, the bulls will be repelled. This scenario continued until three tops are formed. In other words, a bearish triple top pattern is formed. This pattern sometimes serves as a reversal pattern where the previous trend is being terminated.

At other times when price breaks the neckline, the objective is accomplished. Lastly, the upward move will resume once the neckline is broken. From the price action, the upward move has resumed after the breaking of the neckline.

We expect the current support at $220 to hold as the uptrend resumes to retest the $286 overhead resistance. On the upside, the leading altcoin is likely to move up to $320, if the $286 resistance is breached. However, if the bulls fail to break the resistance at $286, a sideways move will ensue.

ETH/USD – Daily Chart

Ethereum Technical Indicators Reading

ETH has been on a bearish momentum as the price reaches a low of $216. It is indicating that the cryptocurrency is below 50% range of the daily stochastic. The bearish momentum is diminishing as the bulls take control of the price. The bullish movement is assumed to resume since the neckline of the bearish triple top is broken. The stochastic bands will make a U-turn if the price action sustains the bullish move.

Conclusion

Ether (ETH) is currently trading above $220 price level. The selling pressure was exhausted at a low of $224 on February 26. The bearish triple top has achieved its purpose with the breaking of the neckline and the subsequent bullish move. Ethereum is presumed to resume its upward move to retest the $286 overhead resistance.

 

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