Ethereum has continued its consolidation without significant price movement over the last 48 hours. The slight uptrend has resulted in a major downward move to retest the lower price range. Incidentally, Ether is fluctuating between $238 and $288 and the levels have remained intact for some time.
Nonetheless, because of the distance between the price range, a breakout is likely to be powerful. The price is on a downward move, if the $238 is breached, ETH will fall to the $200 low. Alternatively, Ether will find support at the 12-day EMA and resume the uptrend to retest the upper price range. Any penetration over the $288 will boast the uptrend to a high of $325.
Since ETH slumped from the overbought region, the RSI fell to level 62. This is quite above the centerline 50 indicating that ETH is still in the uptrend zone. This is irrespective of the fact that the coin was in a downtrend. The uptrend is continuing as soon as it finds support.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ether is trading within the price range. A look over the chart, we will find that the price is still above EMAs. This is a strong point that the uptrend is ongoing. There is a likelihood that the market may go up. On the contrary, if the EMAs are breached, our bullish view will be invalidated.
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.