For the past 24 hours, Ethereum has been holding above $400 high. Yesterday, the king coin rebounded twice as price broke the resistance at $380 and $395.
The price surge was terminated at the $408 high. Today, Ether is consolidating above the $400 support as buyers attempt to make a further upward move. The bottom line is that when the resistance at $420 is breached, the bullish momentum will extend to $440 and $480.
The chances of price retracement are high if buyers fail to push the price above the $420 resistance. For the upside momentum to continue, buyers must sustain the price above $395 support. Following yesterday's price surge, Ether was stuck between $400 and $408. For example, if the bulls fail to hold the current support, there is a tendency of price falling. Nonetheless, ETH is still trading above $400 at the time of writing.
Yesterday, the price surge has broken above the SMAs which suggest a possible rise of the coin. The Relative Strength Index indicates that the coin is in the uptrend zone at level 57. It is also above the centerline 50. Ether is also in a bullish momentum above the 40% range of the daily stochastic.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
There are chances of a further upward move if the current momentum is sustained. On October 29, the retraced candle tested the 38.2% Fibonacci retracement level. This implies that the biggest altcoin will rise and reach level 2.618 Fibonacci extension. This is equivalent to a high of $514.73.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.