Today, Ethereum is retracing after being resisted at the $210 resistance. Buyers have failed to sustain the uptrend after the breakdown at the $227 overhead resistance. Since April 30, Ether has not traded above $227 resistance. This was as a result of the selling pressure at the overhead resistance. At first, the coin fell to $0.21 low after the first resistance at $227. The bulls made a downward correction to the high of $220, but the selling pressure continued. The coin revisited the $0.21 support. Again, the bulls are unrelenting as ETH was pushed to $210 high.
Buyers were repelled thrice at the $210 resistance as price retested resistance. In the meantime, the cryptocurrency is falling and approaching the critical support level. On the upside, if ETH retraces to $200 low, it might rebound which will catapult it to scale above the resistances. The momentum will extend to the $250 resistance. On the downside, if price retraces and breaks below $200, the market will drop to $168 low.
ETH/USD – Daily Chart
Since April 29, Ether reached the overbought region at $0.23500 high. In the same vein, ETH is above 90% range of the daily stochastic. This resulted in the emergence of sellers to push prices downward. The market has fallen and Ethereum is below 60% range of the daily stochastic, indicating a bearish momentum. However, this is contrary to the price action which indicates a bullish signal.