Ethereum Continues Its Current Consolidation between $230 and $250 amidst Contraction

Ethereum’s uptrend is intact despite the recent breakdown. After the recent crash, the price dropped to $225 low, and it rebounded twice to reach the $236 resistance.

Today, buyers are still struggling to push the price above the $236 resistance. Ether upward move is possible if the bulls break the resistances at $236 and $244. This will accelerate price movement above $250 resistance level. 

Ethereum will make the final push above $288 high once the $250 resistance is cleared. However, this will not be possible if the price is not sustained above $230 support. There will be a possible decline if the bears break below the $230 support. ETH will slump to $220 or $200 support. Although, Ether has immediate support at $225 support if the coin falls. In the meantime, the market is consolidating above $230 support as buyers attempt to push ETH above $236.

Ethereum Indicator Analysis 

The reason why buyers have failed to push prices above the $240 resistance is that it is below the EMAs. The crypto will resume an upward move once the price is above the EMAs. A Doji candlestick has appeared above $230 support which indicates that the prior trend is losing strength and likely to reverse. ETH is presently above 40% range of the daily stochastic. It indicates that the market is a bullish momentum.

Key Resistance Zones: $220, $240, $260

Key Support Zones: $160, $140, $120

What Is the Next Direction for Ethereum? 

Today, buyers are struggling to push the coin above the $236 resistance. At the same time, the bulls have to sustain a price above $230 support to avoid further depreciation of the coin. Nonetheless, price is still fluctuating above the current support at $230. Ethereum's first upward move will be to clear the $236 resistance. 

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.