Ethereum in a Brief Rally, Faces Strong Rejection at $660 Resistance

Since December 17, Ethereum bulls have been battling to break the resistance at the $660 high. Earlier on, the price retested the resistance zone twice which resulted in the coin being repelled.

The biggest altcoin fell to a low of $548 and resumed upward. The bulls buy the dips as the crypto rebounds on the upside. Ether is trading at $624 at the time of writing. Meanwhile, if the bulls break the $660 resistance level, the Ether will reach a high of $760. On the other hand, if the bulls failed to break the $660 resistance level, buyers will be resisted.  The upward move has been turning to a sideways move because the bulls failed to breach the resistance level.

Ethereum indicator analysis

Ethereum price is making a series of higher highs and higher lows. A trend line has been drawn showing the support levels of price. The uptrend will continue as long as the trend line remains unbroken. However, if the price breaks and closes below the bullish trend line, the uptrend is presumed to be terminated.

Key Resistance Zones: $800, $820, $840

Key Support Zones: $440, $420, $400 

What is the next direction for Ethereum? 

Ethereum is expected to continue with the upward move, once the resistance level is breached. On December 17 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that ETH will rise and reach level 1.618 Fibonacci extensions. That is Ethereum will reach a high of $730.44.

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.