Ethereum Holds above $220, Attempts to Break $238 Resistance

The bulls have held onto the support at $216 for the past four days as Ether continues a gradual upward move. It appears the downward move has ended as the bulls approach the lower price range to push the price above it. The bears have earlier broken below it during the downtrend. Buyers will be on the path of recovery if the market is above the lower price range.

At the moment, price is making a gradual push to the range-bound zone. Unarguably, the bulls will create a buying opportunity, if the current price is pushed above $238 price level. Incidentally, the $238 and $286 is the price range where price has been fluctuating in a bid to penetrate the $286 overhead resistance. The price will move freely within the price range to retest the overhead resistance

Ethereum Indicator Analysis 

The RSI period 14 has been falling while Ether was in a downward move. As Ethereum is rising the indicator has risen to level 47 of the daily RSI. This indicates that it is below the centerline 50. Ethereum is still in the downtrend and likely to fall.

Key Resistance Zones: $220, $240, $260

Key Support Zones: $160, $140, $120

What Is the Next Move for Ethereum? 

Ethereum is currently in a bullish move. The bulls are likely to face resistance at $238. In August 2019, the bulls were resisted at the $238 price level. The downward move reaches a low of $160. It is expected that the bulls will break the $238 resistance. Ethereum will fall to a low of $197 if the bulls fail to break the resistance.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.