Interestingly, Ethereum has made a positive impact and pushed into the earlier price range.
About two days ago, the bulls couldn’t break above the resistance at $160. The price has successfully breached the resistance as the coin reached a high of $172. Ether is approaching the overhead resistance at $173.
Ethereum will attain a high of $197 if the bulls overcome the initial hurdle at $173. At the same time, the same momentum must be maintained as the upward move continues. On the contrary, if the coin is repelled at the first resistance, ETH will fall and revert to the $160 low. Nonetheless, a negative situation will arise, if the $160 low also cracks.
Ethereum‘s price has moved up which is reflected in the Relative Strength Index period 14 level 72. At this level, the coin is said to be in the overbought region of the market. Consequently, sellers will come in to push the price downward. The EMAs have a bullish crossover indicating that the coin will rise.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
There is no doubt that Ethereum has moved out of the downtrend zone. Ethereum is approaching the $180 resistance level. A successful breakout above $180 will catapult the coin to resume the uptrend. In the absence of a breakout, ETH may fluctuate within the price zone. Meanwhile, indicators are showing an upward direction of the coin. We should all concentrate on the $180 whether the resistance will be breached or not.
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.