Ethereum bulls have made a positive move after recovering from the $216 low. For the past week, the biggest altcoin has suffered two breakdowns which resulted in the current depreciation.
Fortunately, Ether rebounded above the $216 low as the coin moved up to the $230 high. Buyers are struggling to penetrate the recent highs. On the upside, a break above the recent resistance will catapult the coin to be in the $225- $250 price range.
Also, Ether’s price movement will accelerate to retest the $253 overhead resistance. Nevertheless, if the bulls fail to push above the current resistance, the coin will be compelled to a sideways move below the resistance. Meanwhile, after the rebound, the bulls are trying to sustain the upward move to the recent highs.
The buyer’s initial hurdle is to break the above the 12-day EMA and the 26-day EMA. There is a technical hitch as the market approaches the EMAs. The bottom line is that a break above the EMAs will accelerate price movement to retest the $253 overhead resistance. The coin upward move will be in jeopardy if the bulls fail to break the EMAs. The stochastic is currently above the 25 % range of the daily stochastic. It indicates that the market is in a bullish momentum.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Once the bulls break the $230 resistance, Ethereum will rise to regain the peak price of $253 high. This is because the coin will be back in the previous range where it fluctuates between $225 and $250 to retest the overhead resistance. Meanwhile, the coin is trading at $231 high.
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.