Since November 23, Ethereum bulls have been struggling to break the $620 overhead resistance. Presently, the upward move has been restricted to the range-bound zone of $560 and $620.
For example, on December 8, the upward move was resisted at the $620 overhead resistance. The biggest altcoin plunged to $530 low and immediately it corrected upward. This has been the market scenario since November 23.
Today, the current upward move is facing resistance at the $580 high as the coin fluctuates below it. Nonetheless, the bulls have achieved one positive thing; that is sustaining the price level above $560 high. Ether will resume the upside range momentum when the price fluctuates between $560 and $620. Today, the altcoin have been trading above $560. A retest at $620 is likely if the bulls sustain the current price level.
The price bar has broken the 21-day SMA but it is approaching the 50-day SMA. The coin will decline if the price breaks below the SMAs. The current uptrend is intact as long as the SMAs remain unbroken by price.
Key Resistance Zones: $440, $460, $480
Key Support Zones: $160, $140, $120
The biggest altcoin is expected to rise once the overhead resistance is breached. According to the Fibonacci tool, a possible move of the coin is likely. On November 30 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will rise and reach level 1.618 Fibonacci extensions. In other words, the market will reach a high of $739.88.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.