Ethereum Consolidates Between $225 and $240 as Bulls Battle to Sustain Price Above $230 High

During the consolidation, sellers have pushed ETH down to $225 low as price corrected upward. For the past five days, buyers have found penetration difficult at the $235 resistance. As the market dropped to $230 low, the bulls and bears have continued the price tussle above $230 support.   

On the upside, if the price remains above $230, a strong bounce will propel the price to break through the resistances of 235 and $240. Perhaps the momentum will extend to retest the $250 resistance. However, if the current support at $230 fails to hold, the upside range trading is not feasible. On the downside, if the bears break the $230 support, there is a possibility of breaking the next support at $225. Ethereum may slump to $200 low if the current cracks. 

Ethereum indicator analysis  

The coin will further depreciate when the support line is broken. There is a danger of further depreciation if the price remains below the EMAs. Ether is presently below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum while price action is showing price fluctuations.

Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120 

What is the next direction for Ethereum?   

Ethereum is still in an uptrend despite the recent retracement from the $250 resistance. However, if the bulls succeed in holding the current support, the upward move will resume. The crypto will further decline if price breaks below $225 support. 

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 own research before investing funds.