For the past three days, Ethereum has been on a sideways trend below the $380 resistance. The range-bound movement was as a result of the bulls’ failure to break the $380 resistance.
In the meantime, Ether is fluctuating between $369 and $377. Ether price has broken above the SMAs. There is a possibility of a further upward movement of the coin if the bullish momentum is sustained.
In the present price range, ETH can encounter a breakout or breakdown. A rally to $420 is possible if a breakout occurs at the resistance. A breakdown at the $369 support will push the altcoin to $350 low. The bears will erase the bullish gains earlier made. Meanwhile, the coin is trading at $374.30 and it is range bound between $369 and $377.
The crypto’s price has broken above the SMAs but is not convincing as price retracts. The coin is above 80% range of the daily stochastic. Ethereum is likely to fall as price reaches the overbought region of the market.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Further upward movement of the coin will depend on price breaking the resistance at $380. According to the Fibonacci tool, the uptrend of September 29 was resisted at $361. The retraced candle body tested the 50% Fibonacci retracement level. This indicates that the coin will rise and reach the level 2.0 Fibonacci extension level or the high of $426.94.
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.