Ether rebounded above the $310 support and price resumed upward. The biggest altcoin is trading at $364 at the time of writing.
Buyers have successfully defended the $310 support as bulls break through the minor resistance. On the upside, if buyers push the price above the $390 high, the crypto will be out of the downtrend. The coin will rise and reach another high of $410. The trend may likely change as Ether resumes upside momentum.
Conversely, if the price fails to break above the $390 resistance, ETH will fall. Ethereum will be compelled to a sideways move between $340 and $390. Meanwhile, the coin has resumed uptrend as price reached a high of $368.
The price is attempting to break the support line of the ascending channel. ETH will resume an upward move if price breaks and closes above the support line. The crypto has a chance at upward movement if price breaks above the EMAs. Ether is above the 20% range of the daily stochastic but the stochastic bands are horizontally flat. It indicates that the coin was previously range bound.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Ethereum has resumed upward move as price rebounds above the $310 support. The uptrend is facing resistance at the $380 high. In the recent uptrend, the last retraced candle body tested the 38.2% Fibonacci retracement level. This indicates the market will rise and reach a high of 2.618 Fibonacci extension level or $410.
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.