Today, following the recent rally to $1,225 high, Ethereum has been retracing on a downward move. Ether retraced to $1,154 support and resumed upward.
Today, the market has begun a fresh uptrend on the upside. The bullish scenario is that if the bulls sustain the current uptrend, buyers will break the minor resistance at $1,230. Then the bullish momentum will extend to breach the $1,424, January 2018 historical price level.
Nonetheless, the biggest altcoin has set another record by breaking the $1,100 price level. This has been the first since 2018. Conversely, if the current upward move fails to sustain, the crypto will be compelled to a range-bound move in a tight range. Possibly, Ether will consolidate for a few days before the resumption of an upward move.
Meanwhile, Ether is above the 80% range of the daily stochastic. The crypto is above level 72 of the Relative Strength Index period 14. The indicators have confirmed that the coin is in the overbought region of the market. The bottom line is that the crypto is most likely to correct to the downside. Sellers will emerge to push prices down.
Key Resistance Zones: $1200, $1,300, $1,400
Key Support Zones: $800, $700, $600
Ether is set for the continuation of the upward move. It is presently fluctuating above the $1,100 price level. On January 4 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that ETH will rise to level 1.618 Fibonacci extension. That is the crypto will reach a high of $1,434.06. This is the next possible target of Ethereum when the current resistance is breached.
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.