The breaking of the $250 resistance is the most important aspect of the uptrend. At the time of writing, buyers are struggling to break above the resistance.
Since June 2, Ethereum has been in a sideways move below $250 as bulls fail to break the current resistance. On the upside, if the bulls are successful, Ether will rally above $280 high.
The biggest altcoin will be out of the bear market. Conversely, if buyers fail to break the overhead resistance, Ether will be compelled to continue a sideways move below the resistance. However, if the bears turn around to break the $240 support, a downtrend will resume. The first support along the downtrend will be $230 support. Subsequently, the market will reach a low of $200. In the meantime, buyers are still struggling to break the overhead resistance.
Ethereum is still trading in the overbought region. The coin is above 80% range of the daily stochastic while the stochastic bands remain horizontally flat. However, in a trending market, the overbought or oversold conditions may not hold. Nevertheless, if bulls fail to break the overhead resistance, sellers may emerge to push prices down.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
Since May 29, the market has been trending upward as Ethereum reached the overbought region. If the bulls continue to sustain the momentum, the market will continue to rise. The resistance levels will be breached. On the other hand, if the current uptrend is not sustained, sellers will emerge in the overbought region to push prices down.
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.